Deuce is losing its juice.
In the latest blow to the gleeful block of West 42nd Street between Seventh and Eighth Avenues, construction has halted at the historic, long-dark Times Square Theater, which is being redesigned and expanded for retail or entertainment use.
Stillman International Development’s project isn’t dead, it just hit the pause button. But the delay could be another disappointment to the columned, limestone-facade venue, which served as a live playhouse and cinema throughout its 102 years.
Elsewhere on the block, meanwhile, large storefronts that were previously home to B.B. King’s Blues Club and the city’s largest McDonald’s stand were empty. Crowds still flock to “The Lion King” and Madame Tussauds, but many other storefronts remain up for lease.
Stillman and the nonprofit New 42nd Street, which oversees the block’s historic theaters, Latest plans on ill-fated site announced About five years ago at 215 W. 42nd St.
But as with many similar premature victory claims, it turns out that completing the redesign widely featured in the press depends on finding a tenant before major construction is complete.
The Times Square Theater is believed to have two additional floors on top and a theatrical glass box on the 42nd Street sidewalk.
Powerhouse Colliers Broker Bradley Mendelson, Joe previously attracted several prime tenants to the siteOnly to see them off the leashes, accepted what we had suspected from our walk-by observations.
“Work will begin as soon as we have a tenant,” Mendelson said. “They don’t want to do anything that needs to be undone.”
He insisted, “Stillman is still in the deal.”
He said it would take another year to complete the work once a tenant has signed and met his requirements.
An online post says the “restored, historically significant building” will feature 41,500 square feet of “dynamic multi-level retail/entertainment/restaurant/venue,” “tremendous glass exposure” and an outdoor terrace on the fourth floor.
A lease – technically a sublease – is available for 15 years or more.
we Reported in June 2019 According to City Department of Finance records, Stillman and its partner, Daishin Securities of South Korea, are paying $15.8 million in rent for 73 years, including two renewal options.
Previous saviors included designer Marc Ecko, who walked away from the lease after five years of doing nothing with the space, and a dubious venture called Broadway 4D, which was considered a musical attraction by Hollywood’s top players.