Real Estate

Palace Theatre lifted 30 feet above Times Square to make way for 46-story tower’s retailers

Work is progressing “full steam” at L&L Holding Company’s TSX Broadway, the 46-story, mixed-use tower at Seventh Avenue and West 47th Street, according to L&L co-principal and managing director David Orowitz.  A major milestone was reached last week with completion of the intricate lift of the historic Palace Theatre to 30 feet above street level.

Rendering of the 46-story, mixed-use tower at Seventh Avenue and West 47th Street.
Rendering of the 46-story, mixed-use tower at Seventh Avenue and West 47th Street.

The painstaking job was an engineering triumph.  It moved the landmarked, Nederlander-owned Palace entrance around the corner to 47th Street — a step that frees up 100 feet of precious retail frontage on the avenue side.

Orowitz said, “We’re also refurbishing the actual theater and adding women’s toilets and new dressing rooms” — a $50 million mini-project within the tower’s overall $2.5 billion development cost.

The theater elevation was one of numerous engineering challenges the developers faced — in particular, having to preserve and work around 25 percent of the previous building’s structural steel due to earlier zoning rules.

The new building will include a 600-plus room hotel (operator to be named), an indoor-outdoor performance venue, Times Square’s largest outdoor terrace, 51,000 square feet of  signage and nearly 100,000 square feet of retail and entertainment space.

A separate company called TSX Entertainment will operate the performance spaces to be located on floors 2-10.

The whole job is on track to be finished in 2023, Orowitz said.

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