The Crowne Plaza Times Square Manhattan (originally the Holiday Inn Crowne Plaza Manhattan) is a hotel at 1601
Broadway
Broadway may refer to:
Theatre
* Broadway Theatre (disambiguation)
* Broadway theatre, theatrical productions in professional theatres near Broadway, Manhattan, New York City, U.S.
** Broadway (Manhattan), the street
**Broadway Theatre (53rd Stree ...
, between 48th and 49th Streets, in the
Theater District A theater district (also spelled theatre district) is a common name for a neighborhood containing several of a city's theatres.
Places
*Theater District, Manhattan, New York City
*Boston Theater District
*Buffalo Theater District
*Cleveland Theater ...
of
Midtown Manhattan in
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
. The hotel is operated by third-party franchisee Highgate and is part of the
Intercontinental Hotels Group
InterContinental Hotels Group (IHG), marketed as IHG Hotels & Resorts, is a British multinational hospitality company headquartered in Denham, Buckinghamshire, England. It is listed on the London Stock Exchange and is a constituent of the F ...
's
Crowne Plaza
Crowne Plaza is a British multinational chain of full service, upscale hotels headquartered in the United Kingdom. It caters to business travelers and the meetings and conventions market. It forms part of the InterContinental Hotels Group family ...
chain. It has 795 guestrooms.
The hotel was designed by Alan Lapidus and is tall with 46 floors. The
facade was designed in glass and pink granite, with a arch facing Broadway. The hotel was designed to comply with city regulations that required deep
setbacks at the base, as well as large illuminated signs. In addition to the hotel rooms themselves, the Crowne Plaza Times Square contains ground-story retail space, nine stories of office space, and a 159-space parking garage. The hotel's tenants include the
American Management Association
The American Management Association (AMA) is an American non-profit educational membership organization for the promotion of management, based in New York City. Besides its headquarters there, it has local head offices throughout the world.
It ...
, and
Learning Tree International; in addition,
New York Sports Club was a former tenant.
Developer
William Zeckendorf Jr.
William Zeckendorf Jr. (October 31, 1929 – February 12, 2014) was an American real estate developer. Son of William Zeckendorf Sr., he was the second of three generations of one of New York's great real estate dynasties. While keeping a lower pr ...
bought the hotel's site in 1985 and subsequently razed the existing structures there. Construction commenced in 1988, and the hotel opened on December 1, 1989. For the first several years of the hotel's operation, its office space and exterior signage was empty.
Adam Tihany
Adam D. Tihany (born Transylvania in 1948) is a hospitality designer based in New York. He founded multidisciplinary design firm Tihany Design in 1978, and is considered the originator of the title "restaurant designer". His firm has designed ho ...
redesigned the interior in 1999. The City Investment Fund, a joint venture between
Morgan Stanley Real Estate and
Fisher Brothers
Fisher Brothers is a real estate firm in New York City. It was formed by Martin Fisher in 1915, soon joined by his brothers Larry (born 1907), and Zachary (born 1910). The Fisher family has substantial real estate holdings in New York City and el ...
, bought the Crowne Plaza in 2006 and renovated it again two years later.
Vornado Realty Trust
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Investments
Notable properties owned by the ...
then acquired majority ownership of the hotel in 2015. The hotel rooms were closed in 2020 due to the
COVID-19 pandemic in New York City.
Site
The Crowne Plaza Times Square Manhattan occupies the eastern end of the
city block bounded by
Eighth Avenue to the west,
49th Street to the north,
Broadway
Broadway may refer to:
Theatre
* Broadway Theatre (disambiguation)
* Broadway theatre, theatrical productions in professional theatres near Broadway, Manhattan, New York City, U.S.
** Broadway (Manhattan), the street
**Broadway Theatre (53rd Stree ...
to the east, and
48th Street to the south. It is one block north of
Times Square
Times Square is a major commercial intersection, tourist destination, entertainment hub, and neighborhood in Midtown Manhattan, New York City. It is formed by the junction of Broadway, Seventh Avenue, and 42nd Street. Together with adjacent ...
in the
Theater District A theater district (also spelled theatre district) is a common name for a neighborhood containing several of a city's theatres.
Places
*Theater District, Manhattan, New York City
*Boston Theater District
*Buffalo Theater District
*Cleveland Theater ...
of
Midtown Manhattan in
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
.
The mostly trapezoidal
land lot covers , with a
frontage of on Broadway and a depth of .
The surrounding area is part of
Manhattan
Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...
's
Theater District A theater district (also spelled theatre district) is a common name for a neighborhood containing several of a city's theatres.
Places
*Theater District, Manhattan, New York City
*Boston Theater District
*Buffalo Theater District
*Cleveland Theater ...
and contains many
Broadway theatres
Broadway theatre,Although ''theater'' is generally the spelling for this common noun in the United States (see American and British English spelling differences), 130 of the 144 extant and extinct Broadway venues use (used) the spelling ''Th ...
.
Nearby buildings include the
St. Malachy Roman Catholic Church to the northwest;
The Theater Center
The Theater Center (known as The Snapple Theater Center until 2016) is a multi-theater entertainment complex located on the corner of 50th Street and Broadway in New York City
New York, often called New York City o ...
,
Brill Building
The Brill Building is an office building at 1619 Broadway on 49th Street in the New York City borough of Manhattan, just north of Times Square and further uptown from the historic musical Tin Pan Alley neighborhood. It was built in 1931 as t ...
, and
Ambassador Theatre to the north;
750 Seventh Avenue
750 Seventh Avenue is a 36-story office building in the Midtown Manhattan neighborhood of New York City. The building was designed by Kevin Roche of Roche-Dinkeloo and developed by David and Jean Solomon. 750 Seventh Avenue occupies a site on ...
to the northeast;
1585 Broadway to the south; and the
Longacre Theatre
The Longacre Theatre is a Broadway theater at 220 West 48th Street in the Theater District of Midtown Manhattan in New York City, United States. Opened in 1913, it was designed by Henry B. Herts and was named for Longacre Square, now known a ...
,
Ethel Barrymore Theatre
The Ethel Barrymore Theatre is a Broadway theater at 241 West 47th Street in the Theater District of Midtown Manhattan in New York City. Opened in 1928, it was designed by Herbert J. Krapp in the Elizabethan, Mediterranean, and Adam styles ...
, and
Samuel J. Friedman Theatre
The Samuel J. Friedman Theatre, formerly the Biltmore Theatre, is a Broadway theater at 261 West 47th Street in the Theater District of Midtown Manhattan in New York City. Opened in 1925, it was designed by Herbert J. Krapp in the neo-Renai ...
to the southwest.
Historically, the site had contained Churchill's Restaurant, which had been built in 1910 and redesigned as a theater in 1937. The theater later became an
adult movie theater
An adult movie theater is a euphemistic term for a movie theater dedicated to the exhibition of pornographic films.
Adult movie theaters show pornographic films primarily for either a respectively heterosexual or homosexual audience. For the patro ...
called the Pussycat Cinema. Just prior to the hotel's construction, the site had contained six pornographic businesses owned by Michael Zaffarano,
including the Pussycat Cinema and the Kitty Kat and Mardi Gras Topless Disco.
The Pussycat had contained a large neon sign;
David W. Dunlap of ''The New York Times'' described the sign as an "exuberant cynosure of a naughtier, gaudier, vanishing Broadway".
There had also been some "pinball and souvenir shops" on the site.
Songwriter
Irving Berlin
Irving Berlin (born Israel Beilin; yi, ישראל ביילין; May 11, 1888 – September 22, 1989) was a Russian-American composer, songwriter and lyricist. His music forms a large part of the Great American Songbook.
Born in Imperial Russ ...
had once also occupied a building on the site,
as the offices of Irving Berlin Inc. had been at 1607 Broadway between 1921 and 1933.
Architecture
The Crowne Plaza Times Square was designed by Alan J. Lapidus,
son of modernist architect
Morris Lapidus
Morris Lapidus (November 25, 1902 – January 18, 2001) was an architect, primarily known for his Neo-baroque "Miami Modern" hotels constructed in the 1950s and 60s, which have since come to define that era's resort-hotel style, synonymous w ...
. Operated by
InterContinental Hotels Group
InterContinental Hotels Group (IHG), marketed as IHG Hotels & Resorts, is a British multinational hospitality company headquartered in Denham, Buckinghamshire, England. It is listed on the London Stock Exchange and is a constituent of the F ...
as part of the
Crowne Plaza
Crowne Plaza is a British multinational chain of full service, upscale hotels headquartered in the United Kingdom. It caters to business travelers and the meetings and conventions market. It forms part of the InterContinental Hotels Group family ...
chain, the hotel is with 46 floors.
In addition to the 795-key hotel, the Crowne Plaza Times Square's building contains of ground-story retail space, of office space, and a 159-space parking garage. The
American Management Association
The American Management Association (AMA) is an American non-profit educational membership organization for the promotion of management, based in New York City. Besides its headquarters there, it has local head offices throughout the world.
It ...
's Executive Conference Center, is on the sixth through eighth floors with a total of .
Learning Tree International has and the
New York Sports Club has .
Facade
The facade was designed with glass and pink granite.
Most of the facade is clad in reflective glass. The southeast and northeast corners are covered with granite, concealing the elevator shafts inside.
The center of the Broadway facade contains a granite arch measuring tall.
According to Lapidus, he wanted the arch's design to evoke the design of
Wurlitzer
The Rudolph Wurlitzer Company, usually referred to as simply Wurlitzer, is an American company started in Cincinnati in 1853 by German immigrant (Franz) Rudolph Wurlitzer. The company initially imported stringed, woodwind and brass instruments ...
organs from the 1930s and 1940s.
''
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...
'' compared the hotel to a "giant jukebox".
The hotel was designed to comply with city regulations that required deep
setbacks at the base, as well as large illuminated signs.
Accordingly, the hotel rooms are deeply set back from Broadway, and the first seven stories were initially planned to contain curving signs.
Lapidus wanted to include
holographic
Holography is a technique that enables a wavefront to be recorded and later re-constructed. Holography is best known as a method of generating real three-dimensional images, but it also has a wide range of other applications. In principle, i ...
displays,
laser lighting displays, and waterfalls in the Crowne Plaza's design. At the time of the hotel's construction,
light meter
A light meter is a device used to measure the amount of light. In photography, a light meter (more correctly an exposure meter) is used to determine the proper exposure (photography), exposure for a photograph. The meter will include either a Di ...
technology was not advanced enough to determine how much light these features emitted, so Lapidus left provisions so these features could be installed later. As built, the hotel had large billboards on its first 12 stories to comply with the regulations.
At the time of the hotel's opening, these signs had an annual maintenance cost of $100,000.
In 1995, a sign measuring was installed on the southern wall.
Features
When the hotel was being built, it was variously cited as containing 765,
770,
778, 780, or 785 rooms.
A 1992 news article cited the hotel as having 770 rooms and 25 suites. The top four floors were known as the Crowne Plaza Club, which charged an additional fee.
Following a renovation in 2008, the 46th story was turned into a "butler floor" with 16 rooms; the floor was so named because guests were given complimentary services such as laundry and private transportation. In addition, the 128 rooms on the 41st through 45th floors were collectively labeled the "concierge levels".
At ground level, escalators led to a lobby and reception area on the second floor.
The lobby area connected to a lounge and three restaurants.
Holiday Inn originally reserved six floors for business patrons, who would pay an additional fee for extra services such as complimentary breakfast.
To attract guests, each suite was designed with technologically advanced amenities of the time, such as modem connections and phone lines, as well as bathrooms clad with marble. In addition, there was a fitness center originally covering .
The fitness center included a swimming pool measuring long.
The fitness center was expanded to two floors in 1992.
Following a renovation in 2008, the
New York Sports Club started to operate the fitness center.
The building was designed with approximately of office space on nine of the lower stories.
The office space was placed on the 6th through 14th floors, with hotel rooms above and below.
When it opened, the hotel had a business center with computers,
stock quote
Ticker tape was the earliest electrical dedicated financial communications medium, transmitting stock price information over telegraph lines, in use from around 1870 through 1970. It consisted of a paper strip that ran through a machine called a ...
machines, fax machines, and a secretarial service.
The hotel also had a ballroom and over 20 conference rooms,
which covered .
By 2015, the ballroom could be rented as workspace.
History
Times Square's Theater District had evolved into a business district after World War II. Nonetheless, there were relatively few large developments there in the mid-20th century. Between 1958 and 1983, only twelve buildings with at least of space were developed in the 114-block area between
Sixth Avenue, Times Square,
Eighth Avenue, and
Columbus Circle. By the 1980s, there was high demand for office space in New York City. During the decade, several hotels were developed around Times Square,
as well as in New York City in general, as a result of growing tourism. These hotel developments were spurred by the success of the nearby
New York Marriott Marquis, which had an occupancy rate of over 80 percent across nearly 2,000 rooms.
In addition, the city government had enacted a
zoning
Zoning is a method of urban planning in which a municipality or other tier of government divides land into areas called zones, each of which has a set of regulations for new development that differs from other zones. Zones may be defined for a si ...
bonus in 1982 for large new buildings in West Midtown, but the bonus was scheduled to expire in 1988.
Construction
The block of Broadway between 48th and 49th Streets was owned by Michael Zaffarano, who for years resisted selling off his pornographic businesses, even as other landlords nearby were being cajoled to shutter their adult businesses. Zaffarano's son John inherited the sites in 1981 and was more agreeable to selling them after his father's death.
Developer
William Zeckendorf Jr.
William Zeckendorf Jr. (October 31, 1929 – February 12, 2014) was an American real estate developer. Son of William Zeckendorf Sr., he was the second of three generations of one of New York's great real estate dynasties. While keeping a lower pr ...
bought the sites in 1985 and planned to replace them with a hotel.
The site had also been contemplated as a location for an office building. In August 1986, Zeckendorf announced plans for the hotel, to be designed by Alan Lapidus.
The hotel was variously planned to be 44,
45,
or 46 stories tall.
At the time, the
New York City Planning Commission
The Department of City Planning (DCP) is the department of the government of New York City responsible for setting the framework of city's physical and socioeconomic planning. The department is responsible for land use and environmental review, p ...
(CPC) was considering enacting regulations that would have forced new buildings along Times Square's northern section to include bright signage as well as deep
setbacks. Accordingly, Zeckendorf planned a hotel with five types of signs, including a horizontal zipper and five-story-high displays.
Zeckendorf demolished the pornographic businesses in October 1986
and developed the hotel with several partners.
The
Holiday Corporation (later Holiday Inn) agreed to operate the hotel in October 1986, and the hotel became known as the Crowne Plaza Times Square.
It was to be the Holiday Corporation's first hotel in Manhattan
and would be the Crowne Plaza chain's flagship.
The hotel building was planned with of space,
of which about would be reserved for offices.
Zeckendorf received $227 million in financing for the hotel in August 1987,
with the
Bank of Nova Scotia
The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada ...
providing the loan. The CPC approved a planning regulation that September, which required large new developments in Times Square to set aside about five percent of their space for "entertainment uses", such as broadcast studios or ground-floor stores. The ordinance also required the developers of such buildings to install large signs facing Times Square.
The Crowne Plaza's design was directly influenced by this ordinance.
When construction started in 1988, the Holiday Inn Crowne Plaza was one of four large new office projects being erected around Times Square,
as well as the largest of four hotels being erected there.
By that July, the hotel's
superstructure was up to the fourth story.
The Crowne Plaza planned to charge a minimum of $175 per night for a single room, making it more expensive than its competitors nearby.
Nonetheless, Holiday Inn projected that the hotel would be profitable because the company already had a large number of frequent guests and business clients.
The Crowne Plaza was primarily targeted toward domestic business travelers, followed by international business clients and then leisure visitors.
As such, management planned to set aside 20 percent of its rooms for business clients, twice as much as in comparable hotels.
By 1989, the number of annual visitors to New York City had decreased for the first time in eight years due to the effects of
Black Monday
Black Monday refers to specific Mondays when undesirable or turbulent events have occurred. It has been used to designate massacres, military battles, and stock market crashes.
Historic events
*1209, Dublin – when a group of 500 recently arriv ...
.
Nonetheless, the Crowne Plaza's manager Michael Silberstein expressed optimism that the decline was temporary.
Prior to the hotel's opening, Silberstein sent some of the Crowne Plaza's employees to
Walt Disney World
The Walt Disney World Resort, also called Walt Disney World or Disney World, is an entertainment resort complex in Bay Lake and Lake Buena Vista, Florida, United States, near the cities of Orlando and Kissimmee. Opened on October 1, 1971, ...
for training, saying that "Disney gives top-level service".
Usage
Opening and early years
The Crowne Plaza opened on December 1, 1989,
at a cost of $300 million.
For the hotel's construction, Zeckendorf had received a municipal tax abatement that lowered his tax bill by several million dollars. Only 200 rooms were completed at the time, but the hotel's operators wanted to uphold their promise of an "autumn 1989 launch".
According to Silberstein, 129 guests made reservations for New Year's Eve in the first twelve hours of its operation, even though the hotel did not conduct any advertising.
The Crowne Plaza was one of several new hotels in the Times Square area with a combined 4,200 rooms,
even as visitation rates in the city remained sluggish.
While the hotel was operated by Holiday Inn (then by
Bass plc
Six Continents was a large British-based hotel and hospitality business which was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index.
History
The company was formed in June 2000 when the brewing business of Ba ...
after early 1990), the building itself was owned by several partners.
A restaurant named Samplings Bar had opened within the Crowne Plaza by April 1990, followed the next month by the Broadway Grill. The Crowne Plaza was largely staffed by
union
Union commonly refers to:
* Trade union, an organization of workers
* Union (set theory), in mathematics, a fundamental operation on sets
Union may also refer to:
Arts and entertainment
Music
* Union (band), an American rock group
** ''Un ...
workers, with the Broadway Grill being the only exception.
Several months after the hotel opened, Zeckendorf had not leased the office space at the hotel's base. Furthermore, there were no tenants for the signage, so parts of the exterior were covered up.
The amenity space was expanded by one story in 1992.
The same year, the Crowne Plaza was selected to host delegates for the
1992 Democratic Party presidential primaries from Arkansas, the home state of
Bill Clinton
William Jefferson Clinton ( né Blythe III; born August 19, 1946) is an American politician who served as the 42nd president of the United States from 1993 to 2001. He previously served as governor of Arkansas from 1979 to 1981 and agai ...
, who eventually won the
1992 United States presidential election. The "relatively unknown" Crowne Plaza become more popular as a result. The Crowne Plaza added a large sign on the southern wall in 1995, and the words "Holiday Inn" were removed from the signs on the hotel's exterior. The hotel's office space had also remained empty until the same year, when the
American Management Association
The American Management Association (AMA) is an American non-profit educational membership organization for the promotion of management, based in New York City. Besides its headquarters there, it has local head offices throughout the world.
It ...
indicated its intent to sign a lease there. The AMA was supposed to have been the original tenant of the space when the hotel was being developed.
Among the advertisers on the Crowne Plaza's facade was the
Poland Spring
Poland Spring is a brand of bottled water, produced in Poland, Maine. It is named after the original natural spring in the town of Poland, Maine it was drawn from. Today it is a subsidiary of BlueTriton Brands, formerly Nestlé Waters North Amer ...
Corporation, which in 1998 signed a three-year lease for a curved billboard at 48th Street and Broadway.
The hotel also hosted events such as
spirits
Spirit or spirits may refer to:
Liquor and other volatile liquids
* Spirits, a.k.a. liquor, distilled alcoholic drinks
* Spirit or tincture, an extract of plant or animal material dissolved in ethanol
* Volatile (especially flammable) liquids, ...
expositions and media conventions. In addition, the Crowne Plaza was one of New York City's few hotels that accommodated
sequestered jurors, as New York state law required jurors to remain sequestered during some types of criminal trials. The hotel's operators hired
Adam Tihany
Adam D. Tihany (born Transylvania in 1948) is a hospitality designer based in New York. He founded multidisciplinary design firm Tihany Design in 1978, and is considered the originator of the title "restaurant designer". His firm has designed ho ...
to redesign the interior in 1999.
The modifications included a renovation of the bar, which cost $2 million. The Crowne Plaza's manager, Drew Schlesinger, said the hotel's operators allowed management to refurbish the hotel "in tune with the whole gentrification of Times Square".
Early 21st century
The hotel saw decreases in visitation following the
September 11 attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commer ...
in 2001. Around the same time, the area evolved into a business district and there was growing demand for meeting space, as well as numerous new restaurants. Consequently, the Crowne Plaza closed two of its restaurants and replaced them with a ballroom.
The Hershey Company
The Hershey Company, commonly known as Hershey's, is an American multinational company and one of the largest chocolate manufacturers in the world. It also manufactures baked products, such as cookies and cakes, and sells beverages like milksh ...
announced plans to open a ground-level store and add a 15-story billboard in 2002. The City Investment Fund, a joint venture between
Morgan Stanley Real Estate and
Fisher Brothers
Fisher Brothers is a real estate firm in New York City. It was formed by Martin Fisher in 1915, soon joined by his brothers Larry (born 1907), and Zachary (born 1910). The Fisher family has substantial real estate holdings in New York City and el ...
, acquired the Crowne Plaza in 2006 for $362 million. By then, rising room rates had led to decreases in visitation. Two years later, the hotel conducted an $85 million renovation on its lobby, restaurants, guest rooms, and meeting space.
The renovation was conducted in stages, with the hotel remaining open throughout.
The renovation was finished in 2009,
and the Brasserie 1605 restaurant opened that April. After the renovation was completed, the Crowne Plaza saw a lower occupancy rate than other hotels, in part because of decreased tourism.
Vornado Realty Trust
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Investments
Notable properties owned by the ...
acquired the $34 million junior mortgage in May 2011 and paid down some of the debt that December.
Vornado announced the next year that it would
recapitalize
Recapitalization is a type of corporate reorganization involving substantial change in a company's capital structure. Recapitalization may be motivated by a number of reasons. Usually, the large part of equity is replaced with debt or vice versa. ...
the hotel and take over ownership of the of commercial space.
Vornado bought City Investment Fund's ownership stake for $39 million in 2015, increasing Vornado's ownership stake from 11 to 33 percent. Vornado then acquired majority ownership by buying another 24-percent ownership stake for $95 million. Vornado sued
Holiday Hospitality in July 2016 for $30 million, alleging that Holiday had run the hotel poorly. In April 2018, Vornado refinanced the hotel with a $250 million loan from
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
and
Morgan Stanley
Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
.
The next year,
Krispy Kreme Doughnuts
Krispy Kreme, Inc. (previously Krispy Kreme Doughnuts, Inc.) is an American multinational doughnut company and List of coffeehouse chains, coffeehouse chain.
Krispy Kreme was founded by Vernon Rudolph (1915–1973), who bought a yeast-raised r ...
began building a store in the retail space, which opened in September 2020. The Harrison, a restaurant by the BenMoha Group, was also announced for the hotel in 2019.
The Crowne Plaza shuttered in March 2020 due to the
COVID-19 pandemic in New York City, and Vornado stopped paying rent on the ground lease.
By that June, Vornado had gone into default on $330 million of debt.
The senior debt was placed for sale, and
Argent Ventures
Argent Ventures, LLC. is a privately held real estate company based in New York City that most notably owned the land under Grand Central Terminal and the land around of Metro-North Railroad railway tracks in the New York City metropolitan area f ...
bought the $195 million senior mortgage that December for $90 million. The Crowne Plaza remained closed because it was in foreclosure. In September 2021,
SL Green Realty
SL Green Realty Corp. is a real estate investment trust that primarily invests in office buildings and shopping centers in New York City. As of December 31, 2019, the company owned 43 properties comprising 14,438,964 square feet.
Notable proper ...
bought a portion of the hotel site for $121 million from the Walber Broadway Company, which had owned that portion of the site since 1987. Vornado, which wanted to sell its stake to Penson, claimed that the purchase violated its
right of first refusal
Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transactio ...
and sued SL Green.
A New York state judge ruled in April 2022 that SL Green had to sell its stake to Penson.
Reception
When the hotel was completed, Anne Kates of ''
USA Today
''USA Today'' (stylized in all uppercase) is an American daily middle-market newspaper and news broadcasting company. Founded by Al Neuharth on September 15, 1982, the newspaper operates from Gannett's corporate headquarters in Tysons, Virgi ...
'' wrote that the "sense of adventure" in Lapidus's design had received mixed reception.
Jerry Adler
Jerry Adler (born February 4, 1929) is an American theatre director, producer, and film and television actor. He is perhaps best known for his films ''Manhattan Murder Mystery'', '' The Public Eye'', '' In Her Shoes'', and ''Prime'', and for his ...
of ''
Newsweek
''Newsweek'' is an American weekly online news magazine co-owned 50 percent each by Dev Pragad, its president and CEO, and Johnathan Davis, who has no operational role at ''Newsweek''. Founded as a weekly print magazine in 1933, it was widely ...
'' wrote in 1989 that the hotel "may be the most gorgeous building in all Manhattan".
Inside the hotel, ''New York Times'' critic Terry Trucco wrote that the interior was "pleasingly anonymous, done in the pale colors and bland furnishings seen in big American hotels from coast to coast", though she found her 44th-story hotel room to be cramped.
Paul Goldberger
Paul Goldberger (born in 1950) is an American author, architecture critic and lecturer. He is known for his "Sky Line" column in ''The New Yorker''.
Biography
Shortly after starting as a reporter at ''The New York Times'' in 1972, he was assign ...
of ''The New York Times'' felt that the signs were more prominent than the building, saying that "it looks vastly better at night, when it is ablaze with neon, than it does during the day, when it seems only like a failed effort at elegance".
Goldberger further elaborated his dissent in a 1992 article, saying the facade "has ugly, unfinished brick waiting for a sign that may not come for years, a glaring offense at the pedestrian." Eve M. Kahn of ''
The Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' described the Crowne Plaza as a "glitzy pink-granite-and-burgundy-glass jukebox" that sharply contrasted with the "restrained" design of 1585 Broadway. Architect
Robert A. M. Stern
Robert Arthur Morton Stern, usually credited as Robert A. M. Stern (born May 23, 1939), is a New York City–based architect, educator, and author. He is the founding partner of the architecture firm, Robert A.M. Stern Architects, also known a ...
said that he would "prefer to say nothing" of the hotel, the only Lapidus design that Stern had experienced firsthand.
See also
*
List of buildings and structures on Broadway in Manhattan
*
List of hotels in New York City
The following is a list of some notable hotels in New York City.
Number of hotels
Most of the hotels are represented by the Hotel Association of New York City trade organization. As of 2016, the organization had 270 members, representing 75,000 r ...
References
Notes
Citations
Sources
*
External links
*
{{Broadway (Manhattan)
1989 establishments in New York City
Broadway (Manhattan)
Crowne Plaza hotels
Hotel buildings completed in 1989
Hotels established in 1989
Hotels in Manhattan
Times Square buildings
Companies that filed for Chapter 11 bankruptcy in 2022