In October 2012, New Valley Realty partnered with Ian Schrager, Witkoff Group, and Winthrop Realty Trust to acquire a Times Square development site located at 701 Seventh Avenue. The site is situated on the busiest pedestrian corner of Times Square, attracting over 350,000 daily visitors and allowing for endless opportunities to reach consumers. Since acquisition, all tenants have been vacated, existing structures demolished, and construction is underway for a mixed-use building in one of the most sought-after locations in New York. The first new project in the heart of Times Square in 25 years, this is a rare opportunity to fill the need for customizable, efficient spaces that older buildings cannot offer.
The construction of the ultra-luxury tower will comprise of a hotel, retail, dining and an LED sign, which will span 20,000 square feet and wrap around 7th Avenue and 47th Street. The signage will be the largest in Times Square and one of the most technologically advanced in the world. It will serve as an advertising platform that is promised to reach an incredible amount of people daily, attracting more tourists than ever before. A 6 floor retail space is being constructed to capitalize on the fact that Times Square is the number one travel and retail destination in the world, with over 300 million visitors who generate $6.5 billion in sales annually. Visitors will enjoy the one-of-a-kind Marriott EDITION hotel, which will include 452-keys, with approximately 40,000 square feet of entertainment and dining areas. Ian Schrager conceived the new brand in a partnership that combines the personal, intimate, individualized and unique lodging experience that Schrager is known for with the global reach, operational expertise and scale of Marriott.
Gross Buildable Area (SF): 350,000
Retail SF: 76,000
Food and Beverage SF: 40,000
Sign SF: 20,000
Total Hotel Keys: 452