Nederlander Organization to lift Palace Theatre 29 feet

The $2 billion project will create room for basement retail

New York /
Jan.January 10, 2016 04:00 PM

The Nederlander Organization, which owns nine Broadway theaters, is embarking on a $2 billion project in Times Square that will create a one-of-a-kind retail space.

The organization plans to lift the famed Palace Theatre 29 feet, creating space for subgrade retail, according to the New York Post. The Palace will undergo a multimillion-dollar restoration.

Built in 1913, the Palace Theatre is now encased by the DoubleTree Suites hotel at the corner of Seventh Avenue and West 47th Street. The façade was lost decades ago, leaving only the landmark interior.

New York City Landmarks Preservation Commission has approved the project, which is a joint venture between the Nederlanders and Maefield Development. The project will unlock 10,000 square feet of space over four levels. Experts told the Post that the leases could potentially create a billion dollars worth of value over time. [NYP]Christopher Cameron


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Victor Sigoura and 109 East 79th Street
Life after Naftali: Sigoura breaks out with UES project
Life after Naftali: Sigoura breaks out with UES project
45-07 45th Street, Sunnyside (Getty, Google Maps)
Ampiera Group plans 85K sf resi project in Sunnyside
Ampiera Group plans 85K sf resi project in Sunnyside
Zombie hand in front of J-51 tombstone
Might as well be dead? J-51 reboot may not be enough
Might as well be dead? J-51 reboot may not be enough
From left: A photo illustration of Signature Bank CEO Joseph DePaola and FTX's Sam Bankman-Fried (Getty)
Lawsuit alleges Signature Bank aided FTX fraud
Lawsuit alleges Signature Bank aided FTX fraud
Penrose triangle building
No, really, New Yorkers came back: Unraveling Curbed’s rent conspiracy
No, really, New Yorkers came back: Unraveling Curbed’s rent conspiracy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...