Paramount Plaza
{{Short description|Office skyscraper in Manhattan, New York}}
{{Use mdy dates|date=August 2019}}
{{Infobox building
|name = Paramount Plaza
|image = Paramount Plaza Uris Building New York.jpg
|caption =
|location = 1633 Broadway, Manhattan, New York, US
| mapframe-wikidata = yes
|coordinates = {{Coord|40|45|43|N|73|59|04|W|type:landmark_region:US-NY|display=inline,title}}
|status = Completed
|start_date = Late 1967
|completion_date =
|est_completion =
|opening = August 1971
|building_type = Office
|architectural_style = International Style
|antenna_spire =
|roof = {{cvt|669|ft|m}}
|top_floor = {{cvt|630|ft|m}}
|floor_count = 48
|elevator_count =
|cost =
|floor_area = {{cvt|2,359,148|ft2|m2}}
|architect = Emery Roth & Sons
|structural_engineer =
|main_contractor =
|developer = Uris Brothers
|owner = Paramount Group
|management =
}}
Paramount Plaza, also 1633 Broadway and formerly the Uris Building, is a 48-story skyscraper in the Midtown Manhattan neighborhood of New York City. Designed by Emery Roth and Sons, the building was developed by the Uris brothers and was renamed for its owner, the Paramount Group, by 1980. Paramount Plaza occupies a site bounded by Broadway to the east, 51st Street to the north, and 50th Street to the south.
The building has a slab-like massing, rising straight from street level to the roof, {{cvt|669|ft}} above ground. The facade is covered in dark glass and carries the name of German company Allianz near the roof. There is a sunken plaza on the eastern side of the building, leading to the 50th Street station of the New York City Subway, as well as a pedestrian corridor and driveway under the western side. The driveway and corridor lead to the building's two Broadway theaters: the 1,900-seat Gershwin Theatre on the second floor and the 650-seat Circle in the Square Theatre in the basement.
The Uris Buildings Corporation leased the site of the Capitol Theatre in 1967 and proposed a skyscraper on the site. The two Broadway theaters were included in exchange for additional floor area, and the building opened in August 1971. The building went into foreclosure in May 1974, just two years after it was completed, and the Paramount Group bought a majority ownership stake in the building in 1976. J.{{nbsp}}C. Penney and Sears initially took up much of the building's space, though the subsequent tenants came from a wider variety of fields, including law and finance. The retail space and plazas have been renovated multiple times during the building's history. The Paramount Group and several banks jointly owned the building until 2011, when Beacon Capital Group acquired a partial ownership stake; Paramount assumed full ownership in 2015.
Site
Paramount Plaza is on 1633 Broadway, near Times Square, in the Theater District of Midtown Manhattan in New York City.{{cite aia5|pages=303}}{{Cite web |title=1634 Broadway, 10019 |url=https://zola.planning.nyc.gov/l/lot/1/1022/43 |url-status=live |access-date=November 17, 2021 |publisher=New York City Department of City Planning |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520081748/https://zola.planning.nyc.gov/l/lot/1/1022/43 }} The land lot takes up the eastern part of the city block bounded by Eighth Avenue to the west, 50th Street to the south, Broadway to the east, and 51st Street to the north. The lot covers {{cvt|90000|ft2|m2}}, with a frontage of {{cvt|200|ft}} on Broadway and {{cvt|450|ft}} on 50th and 51st Streets. Nearby buildings include the Mark Hellinger Theatre (Times Square Church) to the north; the Winter Garden Theatre to the east; The Theater Center, Brill Building, and Ambassador Theatre to the south; and One Worldwide Plaza to the southwest. Since 1998, the section of 50th Street between Eighth Avenue and Broadway has been named Gershwin Way, after brothers and musical writers George and Ira Gershwin.{{Cite news |last=Barron |first=James |date=1998-11-18 |title=Public Lives |language=en-US |work=The New York Times |url=https://www.nytimes.com/1998/11/18/nyregion/public-lives.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404000602/https://www.nytimes.com/1998/11/18/nyregion/public-lives.html |url-status=live }}{{Cite web |title=Gershwins Get Their "Way": 50th Street Renamed At NY Curbside Concert Nov. 18 |url=https://playbill.com/article/gershwins-get-their-way-50th-street-renamed-at-ny-curbside-concert-nov-18-com-78498 |access-date=2022-04-03 |website=Playbill |language=en |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404000601/https://playbill.com/article/gershwins-get-their-way-50th-street-renamed-at-ny-curbside-concert-nov-18-com-78498 |url-status=live }}
In the early 20th century, Paramount Plaza's site was occupied by low-rise buildings such as Kerrigan's Cafe.{{Cite news |date=1971-02-07 |title=New York's Changing Scene |pages=277 |work=Daily News |url=https://www.newspapers.com/clip/99090426/new-yorks-changing-scene/ |access-date=2022-04-04 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171803/https://www.newspapers.com/clip/99090426/new-yorks-changing-scene/ |url-status=live }} This was replaced by the Capitol Theatre, a movie palace built in 1919.{{harvnb|Stern|Mellins|Fishman|1995|ps=.|p=445}}{{Cite news |last=Whitehouse |first=Franklin |date=1967-09-22 |title=Broadway to Get a Drama Theater; It Is Planned in Tower to Rise on Capitol Site |language=en-US |work=The New York Times |url=https://www.nytimes.com/1967/09/22/archives/broadway-to-get-a-drama-theater-it-is-planned-in-tower-to-rise-on.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403023714/https://www.nytimes.com/1967/09/22/archives/broadway-to-get-a-drama-theater-it-is-planned-in-tower-to-rise-on.html |url-status=live }} The theater originally had 5,300 seats, but subsequent renovations reduced it to 1,325.{{Cite news |last=Archer |first=Eugene |date=1962-07-29 |title=Cutting the Capitol Theatre Down to Size |language=en-US |work=The New York Times |url=https://www.nytimes.com/1962/07/29/archives/cutting-the-capitol-theatre-down-to-size.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403023726/https://www.nytimes.com/1962/07/29/archives/cutting-the-capitol-theatre-down-to-size.html |url-status=live }} The six-story theater building contained offices as well. By the late 1960s, the Capitol was one of Broadway's last major movie palaces, as many of the other movie palaces in the area had been demolished, including the Roxy and the Paramount.{{Cite news |last=Fowler |first=Glenn |date=1967-04-10 |title=News of Realty: a Theater Option; Office Building May Rise on Site of the Capitol |language=en-US |work=The New York Times |url=https://www.nytimes.com/1967/04/10/archives/news-of-realty-a-theater-option-office-building-may-rise-on-site-of.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403023719/https://www.nytimes.com/1967/04/10/archives/news-of-realty-a-theater-option-office-building-may-rise-on-site-of.html |url-status=live }} Next to the theater was a four-story building with a branch of the New York Bank for Savings.
Architecture
Paramount Plaza, originally known as the Uris Building, was developed by the Uris Buildings Corporation and designed by Emery Roth. The {{cvt|669|ft|m|adj=mid|-tall}} tower has 48 stories.{{cite web |url=https://www.emporis.com/buildings/115504/paramount-plaza-new-york-city-ny-usa |title=Paramount Plaza |website=Emporis |access-date=April 4, 2020 |archive-date=September 29, 2007 |archive-url=https://web.archive.org/web/20070929091347/http://www.emporis.com/en/wm/bu/?id=paramountplaza-newyorkcity-ny-usa |url-status=usurped }} Paramount Plaza has two Broadway theaters: the Gershwin Theatre on the second floor and the smaller Circle in the Square Theatre in the basement.{{cite New York 2000|page=445}} The building is named after its owner, the Paramount Group; it is not related to media conglomerate Paramount Global, which is headquartered nearby at One Astor Plaza but also has offices at Paramount Plaza.{{Cite news |last=Deutsch |first=Claudia H. |date=1994-11-19 |title=Metropolitan Desk |language=en-US |work=The New York Times |url=https://www.nytimes.com/1994/11/19/nyregion/article-870480-no-title.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411142734/https://www.nytimes.com/1994/11/19/nyregion/article-870480-no-title.html |url-status=live }}
=Form and facade=
File:Paramount Plaza Nov 2021 35.jpg
Under normal zoning regulations, the maximum floor area ratio (FAR) for any building on the tower's site was 15, but the developers received two bonuses of 20 percent each, bringing the FAR to 21.6. The developers had to include privately owned public spaces at the building's base for the first bonus, and they built new theaters for the second bonus.{{cite web |last=Kayden |first=Jerold S. |date=June 11, 2018 |title=1633 Broadway - Paramount |url=https://apops.mas.org/pops/m050038/ |access-date=April 3, 2022 |website=Privately Owned Public Space (APOPS) |archive-date=April 23, 2021 |archive-url=https://web.archive.org/web/20210423105900/https://apops.mas.org/pops/m050038/ |url-status=live }} The Gershwin and Circle in the Square Theatres were built under a 1968 regulation that allowed office buildings to include a legitimate theater in exchange for additional floor area.{{Cite news |last=Calta |first=Louis |date=August 3, 1971 |title=4 Office Theaters Are Taking Shape |language=en-US |work=The New York Times |url=https://www.nytimes.com/1971/08/03/archives/4-office-theaters-are-taking-shape.html |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205233422/https://www.nytimes.com/1971/08/03/archives/4-office-theaters-are-taking-shape.html |archive-date=February 5, 2022 |issn=0362-4331}}{{harvnb|Stern|Mellins|Fishman|1995|ps=.|pp=444–445}} The inclusion of the theaters allowed the Uris Buildings Corporation to add four more stories than would typically have been allowed.{{Cite news |last=Kramer |first=Marcia |date=1972-11-20 |title=Spectacle on B'way is Legit |pages=237 |work=Daily News |url=https://www.newspapers.com/clip/99087807/spectacle-on-bway-is-legitmarcia/ |access-date=2022-04-04 |archive-date=April 8, 2022 |archive-url=https://web.archive.org/web/20220408041026/https://www.newspapers.com/clip/99087807/spectacle-on-bway-is-legitmarcia/ |url-status=live }}
At the base of Paramount Plaza runs a promenade that connects 50th and 51st Street. The promenade measures {{cvt|28|ft}} tall and {{cvt|50|ft}} wide, with a terrazzo floor and advertisements on the walls. The promenade also functions as an entrance to the Gershwin and Circle in the Square theaters, and it does not have any stores. There are marquees for the theaters' entrances on both 50th and 51st Streets.{{Cite news |last=Phillips |first=McCandlish |date=1972-11-20 |title=Broadway Adds a New Face — the Uris |language=en-US |work=The New York Times |url=https://www.nytimes.com/1972/11/20/archives/broadway-adds-a-new-face-the-uris.html |access-date=2022-04-04 |issn=0362-4331 |archive-date=March 11, 2018 |archive-url=https://web.archive.org/web/20180311031352/https://www.nytimes.com/1972/11/20/archives/broadway-adds-a-new-face-the-uris.html |url-status=live }} A separate, parallel driveway for vehicles is immediately to the west; it can fit three lanes of traffic. There are also 200 parking spaces.
The facade is made of tinted gray glass, separated by vertical aluminum mullions. The name of German financial services company Allianz is affixed to the top of the building on all four sides.{{cite web |last=Grecu |first=Veronica |date=December 2, 2015 |title=Paramount Plaza Lands $1B Refi Loan |url=https://www.cpexecutive.com/post/paramount-plaza-lands-1b-refi-loan/ |access-date=April 4, 2020 |website=Commercial Property Executive |archive-date=November 25, 2020 |archive-url=https://web.archive.org/web/20201125081546/https://www.cpexecutive.com/post/paramount-plaza-lands-1b-refi-loan/ |url-status=live }}{{Cite news |last=Grant |first=Peter |date=2010-08-02 |title=German Firm Makes Move to Broadway |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052748704702304575403550400380556 |access-date=2022-04-11 |issn=0099-9660 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411164924/https://www.wsj.com/articles/SB10001424052748704702304575403550400380556 |url-status=live }} Paul Goldberger criticized the building as having brought "nothing more than Third Avenue banality to a part of town that, whatever its social problems, has always been visually spectacular."{{Cite news |last=Goldberger |first=Paul |date=1981-07-04 |title=A Renewal as Lively as Times Square Itself; An Appraisal |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/07/04/nyregion/a-renewal-as-lively-as-times-square-itself-an-appraisal.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405165441/https://www.nytimes.com/1981/07/04/nyregion/a-renewal-as-lively-as-times-square-itself-an-appraisal.html |url-status=live }}
==Plazas==
The building originally contained two sunken plazas, which counted toward the building's zoning bonuses. Both plazas had ornamental fountains, which were removed in the 1990s. These sunken plazas were among the few such examples in the city; others exist at Citigroup Center, 1221 Avenue of the Americas, and formerly at 1345 Avenue of the Americas and the General Motors Building. The plazas were accompanied by retail spaces that, due to their location, were hard to rent out.{{Cite news |last=Lueck |first=Thomas J. |date=1990-10-07 |title=Are Plazas Public Boons, or Nuisances? |language=en-US |work=The New York Times |url=https://www.nytimes.com/1990/10/07/realestate/are-plazas-public-boons-or-nuisances.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411143218/https://www.nytimes.com/1990/10/07/realestate/are-plazas-public-boons-or-nuisances.html |url-status=live }} A 2000 study of privately owned public spaces in New York City ranked 1633 Broadway's plazas as "circulation" and "hiatus" spaces, which were not as unwelcoming as "marginal" spaces but also did not attract visitors from across the city or the neighborhood.{{Cite news |last=Dunlap |first=David W. |date=2000-10-15 |title=A Public Realm on Private Property; New study identifies and rates hundreds of spaces that earned zoning bonuses. |language=en-US |work=The New York Times |url=https://www.nytimes.com/2000/10/15/realestate/public-realm-private-property-new-study-identifies-rates-hundreds-spaces-that.html |access-date=2022-04-11 |issn=0362-4331 |id={{proQuest|91445560}} |archive-date=July 25, 2021 |archive-url=https://web.archive.org/web/20210725225014/https://www.nytimes.com/2000/10/15/realestate/public-realm-private-property-new-study-identifies-rates-hundreds-spaces-that.html |url-status=live }}
The southern sunken plaza has an entrance to the 50th Street station of the New York City Subway, served by the {{NYCS trains|Broadway-Seventh local header}}.{{cite web |date=2015 |title=MTA Neighborhood Maps: 50 St (1) |url=https://new.mta.info/document/871 |access-date=December 11, 2015 |website=mta.info |publisher=Metropolitan Transportation Authority |archive-date=December 12, 2021 |archive-url=https://web.archive.org/web/20211212133137/https://new.mta.info/document/871 |url-status=live }} The theme restaurant Mars 2112 had opened within the northern sunken plaza in November 1998{{Cite news |last=Marriott |first=Michel |date=1999-02-18 |title=Mars 2112: A Space Odyssey |language=en-US |work=The New York Times |url=https://www.nytimes.com/1999/02/18/technology/mars-2112-a-space-odyssey.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403230317/https://www.nytimes.com/1999/02/18/technology/mars-2112-a-space-odyssey.html |url-status=live }} and closed in January 2012.{{cite web |last1=Stoeffel |first1=Kat |date=January 18, 2012 |title=Arcade Games Repossessed, Tourist Trap Turned Nightclub Mars 2112 Shutters |url=https://observer.com/2012/01/mars-2112-tourist-restaurant-turned-nightclub-closes-has-arcade-games-repossessed/ |access-date=July 14, 2019 |website=Observer |archive-date=July 14, 2019 |archive-url=https://web.archive.org/web/20190714200613/https://observer.com/2012/01/mars-2112-tourist-restaurant-turned-nightclub-closes-has-arcade-games-repossessed/ |url-status=live }} It contained a UFO-like elevator, a "Mars Bar", a "Space Arcade", and a three-story Crystal Crater.{{Cite news |last=Rothstein |first=Mervyn |date=1999-06-02 |title=Commercial Real Estate; Reshaping Retail Space And Making It Pay Off |language=en-US |work=The New York Times |url=https://www.nytimes.com/1999/06/02/nyregion/commercial-real-estate-reshaping-retail-space-and-making-it-pay-off.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411142734/https://www.nytimes.com/1999/06/02/nyregion/commercial-real-estate-reshaping-retail-space-and-making-it-pay-off.html |url-status=live }}{{cite web |last=Merwin |first=Hugh |date=January 3, 2012 |title=Signs of the Apocalypse: Mars 2112 Probably Closing |url=http://newyork.grubstreet.com/2012/01/mars-2112-closing-auction.html |access-date=July 14, 2019 |website=Grub Street |archive-date=March 2, 2016 |archive-url=https://web.archive.org/web/20160302000120/http://newyork.grubstreet.com/2012/01/mars-2112-closing-auction.html |url-status=live }} After Mars 2112 closed, a glass retail cube was installed in the northern part of the plaza.{{cite magazine |last=Geiger |first=Daniel |date=7 Sep 2015 |title=Landlords strike gold in basement: In the wake of an explosion in retail rents, stores and restaurants lower their sights |magazine=Crain's New York Business |volume=31 |issue=36 |page=10 |id={{ProQuest|1710724752}}}} The cube, designed by MdeAS Architects, serves as an entrance to a double-level retail space in the basement, which spans {{cvt|39588|ft2}}.{{cite web |last=Barbarino |first=Al |date=December 13, 2012 |title=Check Out Proposed Glass-Cube Retail Under 1633 Broadway |url=https://commercialobserver.com/2012/12/check-out-proposed-glass-cube-retail-under-1633-broadway/ |access-date=April 3, 2022 |website=Commercial Observer |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403214417/https://commercialobserver.com/2012/12/check-out-proposed-glass-cube-retail-under-1633-broadway/ |url-status=live }}
=Interior=
According to the New York City Department of City Planning, Paramount Plaza has a gross floor area of {{cvt|2,438,059|ft2}} and is divided into 47 ownership condominiums. Paramount Plaza has 42 elevators and eight escalators. The Uris Building did not renumber its 13th floor out of superstition, as other high-rises did; this led the New York Daily News to call it "the only New York skyscraper to call the 13th floor the 13th floor".{{Cite news |last=Sylvester |first=Bob |date=1974-12-24 |title=Dream Street |pages=219 |work=Daily News |url=https://www.newspapers.com/clip/99122256/dream-streetbob-sylvester/ |access-date=2022-04-05 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405163341/https://www.newspapers.com/clip/99122256/dream-streetbob-sylvester/ |url-status=live }} Some offices were fitted with additional decorations; for example, accounting firm Touche, Ross, Bailey Smart added curving staircases between two of its five floors.{{Cite news |last=Reif |first=Rita |date=1975-01-05 |title=Office Stairs Take Novel Twists |language=en-US |work=The New York Times |url=https://www.nytimes.com/1975/01/05/archives/office-stairs-take-novel-twists-private-stairways-take-novel-twists.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405172202/https://www.nytimes.com/1975/01/05/archives/office-stairs-take-novel-twists-private-stairways-take-novel-twists.html |url-status=live }}
==Theaters==
Paramount Plaza has two Broadway theaters: the Gershwin Theatre and the Circle in the Square Theatre. Paramount Plaza's two venues, along with the Minskoff and American Place theaters, were constructed under the Special Theater District amendment of 1967 as a way to give their respective developers additional floor area. The Gershwin opened in 1972 as the Uris Theatre and contained 1,900 seats. Located at the second floor, the Gershwin was designed by Ralph Alswang{{harvnb|Botto|Mitchell|2002|ps=.|p=321}}{{harvnb|Bloom|2007|ps=.|p=92}} in what was described as an Art Nouveau style.{{cite magazine |last=Stern |first=Alfred |date=2 Dec 1970 |title=New Uris Theatre (Ex-B'way Capitol) Augurs Automated Legit Economies |volume=261 |issue=3 |pages=1, 48 |id={{ProQuest|963021973}} |magazine=Variety}} Escalators and a staircase lead from the ground floor to the Gershwin Theater's second-floor lobby,{{Cite news |last=Calta |first=Louis |date=1972-03-07 |title=A Hall of Fame for the Theater To Honor Outstanding Figures |language=en-US |work=The New York Times |url=https://www.nytimes.com/1972/03/07/archives/a-hall-of-fame-for-the-theater-to-honor-outstanding-figures.html |access-date=2022-04-04 |issn=0362-4331 |archive-date=April 8, 2022 |archive-url=https://web.archive.org/web/20220408041024/https://www.nytimes.com/1972/03/07/archives/a-hall-of-fame-for-the-theater-to-honor-outstanding-figures.html |url-status=live }} which contains the American Theater Hall of Fame.{{cite news |last=Coe |first=Richard L. |date=21 Nov 1972 |title=Painting Gold Stars on the Wall: Painting Gold Stars On a Wall in New York |page=B1 |newspaper=The Washington Post |issn=0190-8286 |id={{ProQuest|148256714}}}} The Gershwin's seats are spread across two levels: an orchestra and a smaller mezzanine.{{cite magazine |last=Harmon |first=Charlotte |date=14 Jul 1972 |title=New Legit Theatres |volume=13 |issue=28 |pages=24 |id={{ProQuest|963171357}} |magazine=Back Stage}} The stage was designed with a flexible layout and could be disassembled or extended forward.{{cite magazine |date=Mar 5, 1969 |title=Legitimate: New--And Adaptable--Theatre Design For Capitol And Astor Site Playhouses |volume=254 |issue=3 |pages=77 |id={{ProQuest|1505789519}} |magazine=Variety}} The Gershwin was the first commercial theater in the U.S. to have a completely automated rigging system.{{Cite news |last=Wallach |first=Allan |date=1971-01-20 |title=Skyscraper theater: Broadway looks |pages=68 |work=Newsday (Suffolk Edition) |url=https://www.newspapers.com/clip/99088833/skyscraper-theater-broadway/ |access-date=2022-04-04 |archive-date=April 8, 2022 |archive-url=https://web.archive.org/web/20220408041024/https://www.newspapers.com/clip/99088833/skyscraper-theater-broadway/ |url-status=live }} The Nederlander Organization operates the theater.{{Cite web |title=Gershwin Theatre (1983) New York, NY |url=https://www.playbill.com/venue/george-gershwin-theatre-vault-0000000339 |url-status=live |archive-url=https://web.archive.org/web/20220201111114/https://www.playbill.com/venue/george-gershwin-theatre-vault-0000000339 |archive-date=February 1, 2022 |access-date=April 5, 2022 |website=Playbill |language=en}}{{cite web |author=The Broadway League |date=October 30, 2003 |title=Gershwin Theatre – New York, NY |url=https://www.ibdb.com/theatre/gershwin-theatre-1369 |url-status=live |archive-url=https://web.archive.org/web/20200302213205/https://www.ibdb.com/theatre/gershwin-theatre-1369 |archive-date=March 2, 2020 |access-date=April 5, 2022 |website=IBDB}}
The Circle in the Square Theatre contains 650 seats and is in the building's basement.{{harvnb|Botto|Mitchell|2002|ps=.|p=313}} It was designed by Allen Sayles, with a lighting system designed by Jules Fisher.{{harvnb|Botto|Mitchell|2002|ps=.|p=315}} The Circle operates its own venue, which was originally known as the Circle in the Square–Joseph E. Levine Theatre.{{Cite news |last=Calta |first=Louis |date=1972-10-06 |title=Circle in the Square Honors Levine in New Name |language=en-US |work=The New York Times |url=https://www.nytimes.com/1972/10/06/archives/circle-in-the-square-honors-levine-in-new-name.html |access-date=2022-04-04 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171646/https://www.nytimes.com/1972/10/06/archives/circle-in-the-square-honors-levine-in-new-name.html |url-status=live }} The space was originally meant as an off-Broadway house with fewer than 500 seats, but the Circle's artistic director Theodore Mann and its managing director Paul Libin increased the capacity by relocating columns and replaced steps with ramps. The top of the auditorium contains soundproof panels, which minimized noise from police horses when the theater opened.{{Cite news |last=Carmody |first=Deirdre |date=1972-10-26 |title=For a New Theater, a Nostalgic Gala |language=en-US |work=The New York Times |url=https://www.nytimes.com/1972/10/26/archives/for-a-new-theater-a-nostalgic-gala.html |access-date=2022-04-04 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171647/https://www.nytimes.com/1972/10/26/archives/for-a-new-theater-a-nostalgic-gala.html |url-status=live }} The Circle contains a thrust stage, with seats surrounding it on three sides.{{harvnb|Garvey|2020|p=224|ps=.}} It is one of two Broadway houses with a thrust stage; the other is Lincoln Center's Vivian Beaumont Theater. Because of the stage's unconventional design, theatrical critics negatively reviewed it, while directors had difficulty staging productions there.{{harvnb|Garvey|2020|pp=272–273|ps=.}}
History
After World War II, development of theaters around Times Square stalled, and the area began to evolve into a business district.{{harvnb|Stern|Mellins|Fishman|1995|ps=.|p=441}} In 1966, the year before plans for the Uris Building were announced, companies had signed leases for {{cvt|7|e6ft2}} of office space in Manhattan, the highest level in several years. The amount of office space being developed at the time was not sufficient to meet demand.{{Cite news |last=Ennis |first=Thomas W. |date=1967-01-08 |title=Building Goes on but Space Is Rare; More Was Leased in 1966 Than in Any Year of the Postwar Boom |language=en-US |work=The New York Times |url=https://www.nytimes.com/1967/01/08/archives/building-goes-on-but-space-is-rare-more-was-leased-in-1966-than-in.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403022212/https://www.nytimes.com/1967/01/08/archives/building-goes-on-but-space-is-rare-more-was-leased-in-1966-than-in.html |url-status=live }} The Uris Buildings Corporation bought an option in April 1967 to acquire the Capitol Theatre and the land around it from the theater's owner, Loews Cineplex Entertainment.{{cite magazine |date=24 Apr 1967 |title=Loew's Capitol May Be Site for Office Bldg. |volume=91 |issue=1 |page=SE7 |id={{ProQuest|1705175376}} |magazine=Boxoffice}} At the time, Uris was considering replacing the theater with an office building but had made no definite plans.
=Development=
In September 1967, Uris leased the Capitol site for 100 years and announced it would build an office tower and a Broadway theater on the site of the Capitol Theatre. The building was to have {{cvt|1.65|e6ft2}} across 51 stories, with a plaza on the eastern 60 percent of the site. The Broadway theater would have 1,500 to 2,000 seats.{{Cite news |date=1967-09-22 |title=Capitol Theatre to Go |pages=86 |work=Daily News |url=https://www.newspapers.com/clip/98957687/capitol-theatre-to-go/ |access-date=2022-04-03 |archive-date=April 8, 2022 |archive-url=https://web.archive.org/web/20220408041025/https://www.newspapers.com/clip/98957687/capitol-theatre-to-go/ |url-status=live }} In October 1967, the New York City Planning Commission (CPC) proposed the Special Theater District Zoning Amendment, which gave zoning bonuses to office-building developers who included theaters.{{cite magazine |date=October 6, 1967 |title=City Planning Comm. Proposes More New Midtown Theatres |magazine=Back Stage |volume=8 |issue=40 |pages=17–18 |id={{ProQuest|963261958}}}}{{Cite news |last=Esterow |first=Milton |date=October 1, 1967 |title=City Proposes More Theaters To Revitalize Midtown District; City Planners Proposing More Theaters to Revitalize Midtown District |language=en-US |work=The New York Times |url=https://www.nytimes.com/1967/10/01/archives/city-proposes-more-theaters-to-revitalize-midtown-district-city.html |url-status=live |access-date=February 4, 2022 |archive-url=https://web.archive.org/web/20220204225913/https://www.nytimes.com/1967/10/01/archives/city-proposes-more-theaters-to-revitalize-midtown-district-city.html |archive-date=February 4, 2022 |issn=0362-4331}}{{cite magazine |date=October 4, 1967 |title=Legitimate: N.Y. City Urges New Legit Houses |magazine=Variety |volume=248 |issue=7 |pages=57 |id={{ProQuest|964067553}}}} The proposed legislation would directly allow theaters in One Astor Plaza and the Uris Building,{{Cite news |last=Miele |first=Alfred |date=November 2, 1967 |title=OK Space Bonus For New Theaters |pages=721, [https://www.newspapers.com/clip/94233019/ 722] |work=New York Daily News |url=https://www.newspapers.com/clip/94233061/ok-space-bonus-for-new-theatersalfred/ |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205005658/https://www.newspapers.com/clip/94233061/ok-space-bonus-for-new-theatersalfred/ |archive-date=February 5, 2022}}{{cite magazine |date=October 11, 1967 |title=Miscellany: Hope for More B'way Legit Theatres With Bldg. Code Changes |magazine=Variety |volume=248 |issue=8 |pages=2 |id={{ProQuest|964074887}}}} which would be the first completely new Broadway theaters since the Mark Hellinger Theatre was completed in 1930.{{Cite news |last=Fried |first=Joseph P. |date=November 12, 1967 |title=New Footlights May Brighten Rialto |language=en-US |work=The New York Times |url=https://www.nytimes.com/1967/11/12/archives/new-footlights-may-brighten-rialto.html |url-status=live |access-date=February 4, 2022 |archive-url=https://web.archive.org/web/20220205011002/https://www.nytimes.com/1967/11/12/archives/new-footlights-may-brighten-rialto.html |archive-date=February 5, 2022 |issn=0362-4331}}{{Cite news |date=April 18, 1968 |title=City Planners OK 3 Theaters |pages=98 |work=Newsday |url=https://www.newspapers.com/clip/94236805/city-planners-ok-3-theaters/ |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205015429/https://www.newspapers.com/clip/94236805/city-planners-ok-3-theaters/ |archive-date=February 5, 2022}}{{efn|The Hellinger was initially a movie theater and did not become a Broadway venue until 1949. The Lunt-Fontanne Theatre and Palace Theatre were converted from movies to Broadway theaters afterward, but both theater buildings are physically older than the Hellinger. The last venue to be built as a Broadway theater, operating continuously in that capacity, was the Ethel Barrymore Theatre, completed in 1928.{{Cite news |last=Zolotow |first=Sam |date=August 29, 1968 |title=Astor Lot Owner Assigns Theater; Lease Going to Producer of 'Man of La Mancha' |language=en-US |work=The New York Times |url=https://www.nytimes.com/1968/08/29/archives/astor-lot-owner-assigns-theater-lease-going-to-producer-of-man-of.html |access-date=February 5, 2022 |issn=0362-4331 |archive-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205172347/https://www.nytimes.com/1968/08/29/archives/astor-lot-owner-assigns-theater-lease-going-to-producer-of-man-of.html |url-status=live}}}} The CPC approved the theater amendment that November,{{Cite news |date=November 2, 1967 |title=Planning Body Acts to Spur Theater Construction |language=en-US |work=The New York Times |url=https://www.nytimes.com/1967/11/02/archives/planning-body-acts-to-spur-theater-construction.html |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205005701/https://www.nytimes.com/1967/11/02/archives/planning-body-acts-to-spur-theater-construction.html |archive-date=February 5, 2022 |issn=0362-4331}} and the New York City Board of Estimate gave final approval to the proposal the next month.{{Cite news |last=Sibley |first=John |date=December 8, 1967 |title=Board of Estimate Approves Measure to Encourage Theater Construction |language=en-US |work=The New York Times |url=https://www.nytimes.com/1967/12/08/archives/board-of-estimate-approves-measure-to-encourage-theater.html |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205005659/https://www.nytimes.com/1967/12/08/archives/board-of-estimate-approves-measure-to-encourage-theater.html |archive-date=February 5, 2022 |issn=0362-4331}}{{Cite news |date=April 1, 1968 |title=City Planners to Mull Office Bldg. Theaters |pages=68 |work=Newsday |url=https://www.newspapers.com/clip/94236640/city-planners-to-mull-office-bldg/ |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205015431/https://www.newspapers.com/clip/94236640/city-planners-to-mull-office-bldg/ |archive-date=February 5, 2022}}
The Uris Buildings Corporation agreed in February 1968 to build a second theater, the Circle in the Square Theatre, in the basement upon the CPC's request. The new theater was originally supposed to be an experimental theater with 300 to 375 seats,{{Cite news |date=1968-02-13 |title=2d Theater Planned For Office Building To Rise in Midtown |language=en-US |work=The New York Times |url=https://www.nytimes.com/1968/02/13/archives/2d-theater-planned-for-office-building-to-rise-in-midtown.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 8, 2022 |archive-url=https://web.archive.org/web/20220408041025/https://www.nytimes.com/1968/02/13/archives/2d-theater-planned-for-office-building-to-rise-in-midtown.html |url-status=live }}{{cite magazine |date=14 Feb 1968 |title=N.Y. Seeks Co-Op On Scalper Curbs |volume=249 |issue=13 |pages=1, 70 |id={{ProQuest|963113256}} |magazine=Variety}} but this was then increased to 650 seats.{{Cite news |last=Calta |first=Louis |date=1969-12-02 |title=Shuberts Propose to Build Theater; It Would Be in a Skyscraper at Site of the Broadway |language=en-US |work=The New York Times |url=https://www.nytimes.com/1969/12/02/archives/shuberts-propose-to-build-theater-it-would-be-in-a-skyscraper-at.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403214441/https://www.nytimes.com/1969/12/02/archives/shuberts-propose-to-build-theater-it-would-be-in-a-skyscraper-at.html |url-status=live }} In April 1968, the CPC scheduled a public hearing to determine whether the Astor and Uris theater permits should be approved.{{Cite news |date=April 1, 1968 |title=City Planners to Mull Office Bldg. Theaters |pages=68 |work=Newsday |url=https://www.newspapers.com/clip/94236640/city-planners-to-mull-office-bldg/ |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205015431/https://www.newspapers.com/clip/94236640/city-planners-to-mull-office-bldg/ |archive-date=February 5, 2022}} Six parties testified in favor; the Shubert Organization, the largest operator of Broadway theaters, was the only dissenting speaker.{{Cite news |last=Bennett |first=Charles G. |date=April 11, 1968 |title=Shuberts Oppose 2 New Theaters; Minskoff and Uris Plans Are Fought at City Hearing |language=en-US |work=The New York Times |url=https://www.nytimes.com/1968/04/11/archives/shuberts-oppose-2-new-theaters-minskoff-and-uris-plans-are-fought.html |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205015431/https://www.nytimes.com/1968/04/11/archives/shuberts-oppose-2-new-theaters-minskoff-and-uris-plans-are-fought.html |archive-date=February 5, 2022 |issn=0362-4331}} The CPC approved the theaters over the Shuberts' objections,{{Cite news |date=April 18, 1968 |title=Permits Approved for 2 Theaters; Playhouses Will Be First on Broadway in 35 Years |language=en-US |work=The New York Times |url=https://www.nytimes.com/1968/04/18/archives/permits-approved-for-2-theaters-playhouses-will-be-first-on.html |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205015436/https://www.nytimes.com/1968/04/18/archives/permits-approved-for-2-theaters-playhouses-will-be-first-on.html |archive-date=February 5, 2022 |issn=0362-4331}} as did the Board of Estimate.{{Cite news |last=Bennett |first=Charles G. |date=April 26, 1968 |title=Board Approves 3 New Theaters; Estimate Members Reject Shubert Opposition |language=en-US |work=The New York Times |url=https://www.nytimes.com/1968/04/26/archives/board-approves-3-new-theaters-estimate-members-reject-shubert.html |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205015438/https://www.nytimes.com/1968/04/26/archives/board-approves-3-new-theaters-estimate-members-reject-shubert.html |archive-date=February 5, 2022 |issn=0362-4331}} The Capitol was closed on September 16, 1968, to make way for what is now Paramount Plaza.{{Cite news |last=Crowther |first=Bosley |date=1968-09-16 |title=Old-Time Star-Filled Benefit to Close Capitol Theater Tonight |language=en-US |work=The New York Times |url=https://www.nytimes.com/1968/09/16/archives/oldtime-starfilled-benefit-to-close-capitol-theater-tonight.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403023721/https://www.nytimes.com/1968/09/16/archives/oldtime-starfilled-benefit-to-close-capitol-theater-tonight.html |url-status=live }}{{cite magazine |last=Green |first=Abel |date=4 Sep 1968 |title=Miscellany: Capitol's Finale Recalls Missing Time Capsule, Swanee' and Mae West |volume=252 |issue=3 |pages=2, 53 |id={{ProQuest|1017161120}} |magazine=Variety}} That month, Uris made a tentative deal with James M. Nederlander and Gerard Oestricher to operate the Uris Theatre, the larger of the building's two theaters.{{Cite news |last=Zolotow |first=Sam |date=1968-09-11 |title=Uris Arranges Deal for New Theater |language=en-US |work=The New York Times |url=https://www.nytimes.com/1968/09/11/archives/uris-arranges-deal-for-new-theater.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 8, 2022 |archive-url=https://web.archive.org/web/20220408041022/https://www.nytimes.com/1968/09/11/archives/uris-arranges-deal-for-new-theater.html |url-status=live }}{{cite magazine |last=Hummler |first=Richard |date=4 Sep 1968 |title=Legitimate: Rising Market for B'way Theatres; Selden, Osterman Vs. Nederlanders |volume=252 |issue=3 |pages=49, 52 |id={{ProQuest|1017161365}} |magazine=Variety}} To fund the building's construction, Uris borrowed $62 million from a consortium of banks led by Irving Trust.{{Cite news |last1=Flynn |first1=Donald |last2=Moritz |first2=Owen |date=1974-05-30 |title=A Skyscraper Falls to Creditors Here |pages=10 |work=Daily News |url=https://www.newspapers.com/clip/99090665/a-skyscraper-falls-to-creditors/ |access-date=2022-04-04 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171647/https://www.newspapers.com/clip/99090665/a-skyscraper-falls-to-creditors/ |url-status=live }}{{Cite news |last=Horsley |first=Carter B. |date=1974-03-01 |title=Foreclosure Begun on Midtown Tower; First Such Move in at Least a Decade |language=en-US |work=The New York Times |url=https://www.nytimes.com/1974/03/01/archives/foreclosure-begun-on-midtown-tower-first-such-move-in-at-least-a.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405172433/https://www.nytimes.com/1974/03/01/archives/foreclosure-begun-on-midtown-tower-first-such-move-in-at-least-a.html |url-status=live }}{{cite news |date=1 Mar 1974 |title=Uris Says Irving Trust Has Begun to Foreclose On a New York Building |page=10 |work=Wall Street Journal |issn=0099-9660 |id={{ProQuest|133878113}}}}
Much of the space had been rented by November 1969.{{cite news |date=1969-11-16 |title=Tishman Plans New Midtown Skyscraper |page=R10 |work=The New York Times |issn=0362-4331 |id={{ProQuest|118488777}}}} Among the early tenants with several floors of space were accounting firm Touche, Ross, Bailey Smart;{{Cite news |date=1969-01-22 |title=News of Realty: $23-million Deal; 21-Year Midtown Lease Is Signed by Accounting Firm |language=en-US |work=The New York Times |url=https://www.nytimes.com/1969/01/22/archives/news-of-realty-23million-deal-21year-midtown-lease-is-signed-by.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403040902/https://www.nytimes.com/1969/01/22/archives/news-of-realty-23million-deal-21year-midtown-lease-is-signed-by.html |url-status=live }}{{Cite news |date=1971-11-06 |title=Touche Takes Stab at N.Y. |pages=134 |work=Daily News |url=https://www.newspapers.com/clip/99090354/touche-takes-stab-at-ny/ |access-date=2022-04-04 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171646/https://www.newspapers.com/clip/99090354/touche-takes-stab-at-ny/ |url-status=live }} automotive appliance manufacturer Bendix International;{{cite news |date=1969-07-06 |title=N.Y. Office Rents Double Those in Other Cities |page=R5 |work=The New York Times |issn=0362-4331 |id={{ProQuest|118482281}}}} and the New York Telephone Company.{{cite news |date=1971-12-12 |title=Lease Signed for 4 Floors |page=R5 |work=The New York Times |issn=0362-4331 |id={{ProQuest|119085071}}}} Even so, the inclusion of theaters inside the Uris Building raised construction costs, even as office tenants were scarce.{{Cite news |last=Andelman |first=David A. |date=June 21, 1970 |title=Web of Steel Holds Fate Of the Stage |language=en-US |work=The New York Times |url=https://www.nytimes.com/1970/06/21/archives/web-of-steel-holds-fate-of-the-stage-broadways-future-tied-to-steel.html |url-status=live |access-date=February 5, 2022 |archive-url=https://web.archive.org/web/20220205205840/https://www.nytimes.com/1970/06/21/archives/web-of-steel-holds-fate-of-the-stage-broadways-future-tied-to-steel.html |archive-date=February 5, 2022 |issn=0362-4331}} By 1970, a combined {{cvt|5|e6ft2}} of office space was being developed along Broadway in Midtown, much of which stood vacant due to a slowdown in office leasing.{{cite news |last=Fowler |first=Glenn |date=1970-12-20 |title=Broadway Buildings Fill Slowly In Rent Lag: Renting Is Slow on Broadway |page=210 |work=The New York Times |issn=0362-4331 |id={{ProQuest|118913915}}}} That December, the city's Department of Air Resources issued summonses to several contractors at the Uris Building after the department found that contractors were spraying asbestos fireproofing in violation of environmental laws.{{Cite news |last=Carroll |first=Robert |date=1970-12-12 |title=Asbestos Law Violators Get Summonses |pages=61 |work=Daily News |url=https://www.newspapers.com/clip/99090177/asbestos-law-violators-get/ |access-date=2022-04-04 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171648/https://www.newspapers.com/clip/99090177/asbestos-law-violators-get/ |url-status=live }} Sears, Roebuck and Company sought to lease much of the building's remaining office space, but the deal initially failed in mid-1971.{{cite news |last=Fowler |first=Glenn |date=1971-05-23 |title=Vacancy Rate In Offices Rises in City: Vacant Space Grows |page=R1 |work=The New York Times |issn=0362-4331 |id={{ProQuest|119165591}}}}
=Opening and early years=
Image:Gershwin Theatre NYC.jpg
The building officially opened in August 1971. A theatrical hall of fame for the Uris Theatre was announced in March 1972, as the building was being completed.{{Cite news |last=Davis |first=James |date=1972-03-07 |title=New Theater to House the Legit Hall of Fame |pages=143 |work=Daily News |url=https://www.newspapers.com/clip/99071261/new-theater-to-house-the-legit-hall-of/ |access-date=2022-04-04 |archive-date=April 8, 2022 |archive-url=https://web.archive.org/web/20220408041026/https://www.newspapers.com/clip/99071261/new-theater-to-house-the-legit-hall-of/ |url-status=live }} The Circle in the Square Theatre in the basement opened for inspection on October 2, 1972,{{harvnb|Garvey|2020|p=222|ps=.}} and had its first performance on November 15.{{Cite news |last=Barnes |first=Clive |date=1972-11-16 |title=Stage: 'Mourning Becomes Electra' |language=en-US |work=The New York Times |url=https://www.nytimes.com/1972/11/16/archives/stage-mourning-becomes-electra-oneill-trilogy-opens-new-uptown.html |access-date=2022-04-04 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171649/https://www.nytimes.com/1972/11/16/archives/stage-mourning-becomes-electra-oneill-trilogy-opens-new-uptown.html |url-status=live }} The Uris Theatre on the building's second floor opened on November 19 of that year. In one of the city's largest office transactions in several years, Sears, Roebuck and Company leased eleven stories for its sales division in January 1973,{{cite news |date=15 Jan 1973 |title=Sears to Move Some Operations |page=25 |work=Wall Street Journal |issn=0099-9660 |id={{ProQuest|133841613}}}}{{Cite news |last=Horsley |first=Carter B. |date=1973-01-12 |title=Sears Signs $100-Million Lease for Space in Times Square Area |language=en-US |work=The New York Times |url=https://www.nytimes.com/1973/01/12/archives/sears-signs-100million-lease-for-space-in-times-square-area-gain.html |access-date=2022-04-04 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171652/https://www.nytimes.com/1973/01/12/archives/sears-signs-100million-lease-for-space-in-times-square-area-gain.html |url-status=live }} moving in the next year.{{Cite news |last=Ettorre |first=Barbara |date=1978-08-08 |title=Sears to Cut New York Buying Unit |language=en-US |work=The New York Times |url=https://www.nytimes.com/1978/08/08/archives/sears-to-cut-new-york-buying-unit-not-a-reflection-on-costs.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405173243/https://www.nytimes.com/1978/08/08/archives/sears-to-cut-new-york-buying-unit-not-a-reflection-on-costs.html |url-status=live }} City officials praised the lease, which was expanded in November 1973 to 15 stories, as part of a revitalization of the Times Square neighborhood.{{Cite news |date=1973-11-11 |title=News of the Realty Trade |language=en-US |work=The New York Times |url=https://www.nytimes.com/1973/11/11/archives/sears-adds-to-space-in-uris-tower-news-of-the-realty-trade-mart.html |access-date=2022-04-04 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171650/https://www.nytimes.com/1973/11/11/archives/sears-adds-to-space-in-uris-tower-news-of-the-realty-trade-mart.html |url-status=live }} Meanwhile, after Percy Uris had died in 1971, his brother Harold began negotiating to sell off all his company's assets, including 1633 Broadway.{{Cite news |last=Smith |first=William D. |date=1973-03-23 |title=Uris Building Negotiating The Sale of All Its Assets |language=en-US |work=The New York Times |url=https://www.nytimes.com/1973/03/23/archives/uris-building-negotiatingthe-sale-of-all-its-assets.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405154115/https://www.nytimes.com/1973/03/23/archives/uris-building-negotiatingthe-sale-of-all-its-assets.html |url-status=live }} By late 1973, National Kinney Corporation had bought a majority stake in the Uris properties.{{Cite news |last=Greenhouse |first=Linda |date=1973-10-28 |title=Future of Uris Clouded in Wake Of Sale to Kinney |language=en-US |work=The New York Times |url=https://www.nytimes.com/1973/10/28/archives/future-of-uris-clouded-in-wake-of-sale-to-kinney-future-of-uris.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405154108/https://www.nytimes.com/1973/10/28/archives/future-of-uris-clouded-in-wake-of-sale-to-kinney-future-of-uris.html |url-status=live }}
The Uris Buildings Corporation failed to pay the construction loan, which was due at the end of December 1973 and was extended multiple times. Uris decided not to extend the loan because it would not provide additional funding to cover operating and carrying costs. At that time, 12.5 percent of office space in Manhattan was vacant,{{efn|{{cvt|30|e6ft2}} of space was vacant, out of {{cvt|250|e6ft2}} total.}} higher than the 5-percent rate that the real-estate community generally accepted. The vacancy rate at the Uris Building was 30 percent.{{Cite news |date=1974-02-06 |title=Uris Buildings Shows Net Loss |language=en-US |work=The New York Times |url=https://www.nytimes.com/1974/02/06/archives/uris-buildings-shows-net-loss-deficit-for-the-fiscal-year-is-listed.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405165414/https://www.nytimes.com/1974/02/06/archives/uris-buildings-shows-net-loss-deficit-for-the-fiscal-year-is-listed.html |url-status=live }} Irving Trust and the other lenders launched foreclosure proceedings in March 1974, the first time in a decade that a new office building in New York City had been foreclosed upon. Two months later, the lenders paid nearly $69 million for the bankrupted building.{{cite news |date=31 May 1974 |title=4 Banks Buy Skyscraper |page=67 |work=The Hartford Courant |id={{ProQuest|552260732}}}} Harold Uris had opposed the foreclosure proceeding, saying: "Hell would freeze over before I would have let a Uris building go under like that."{{Cite news |last=Specter |first=Michael |date=1981-07-19 |title=Harold Uris Recollects With Pride |language=en-US |work=The New York Times |url=https://www.nytimes.com/1981/07/19/realestate/q136.43-harold-uris-recollects-with-pride.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405172917/https://www.nytimes.com/1981/07/19/realestate/q136.43-harold-uris-recollects-with-pride.html |url-status=live }}
After J. C. Penney leased {{cvt|450000|ft2}} of space that August,{{Cite news |last=Stern |first=Michael |date=1974-08-27 |title=Penney Decides to Remain Here |language=en-US |work=The New York Times |url=https://www.nytimes.com/1974/08/27/archives/penney-decides-to-remain-here-eisenpreis-reports-concern-will-not.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405165439/https://www.nytimes.com/1974/08/27/archives/penney-decides-to-remain-here-eisenpreis-reports-concern-will-not.html |url-status=live }} only five percent of the space was still vacant.{{cite news |date=1974-09-08 |title=Foreclosed Building Now 95% Rented: News of the Realty Trade Park Ave. Sublease Sale by Otis In Westchester Madison Avenue Astoria Lease Cornell Purchase Executives Named Jersey Lease Church Conversion |page=432 |work=The New York Times |issn=0362-4331 |id={{ProQuest|120029520}}}} However, Newsday reported in December 1975 that the building had a 10 percent vacancy rate, even though its owners had spent millions of dollars on renovations.{{Cite news |last=Duggan |first=Dennis |date=1975-12-14 |title=Lights Going Out on City Skyline |pages=4 |work=Newsday |url=https://www.newspapers.com/clip/99122412/lights-going-out-on-city-skylinedennis/ |access-date=2022-04-05 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405172343/https://www.newspapers.com/clip/99122412/lights-going-out-on-city-skylinedennis/ |url-status=live }} Other tenants at the time included the City University of New York.{{Cite news |last=Cummings |first=Judith |date=1976-07-28 |title=Teachers at Community College Hold Sit-In Over Proposed Cuts |language=en-US |work=The New York Times |url=https://www.nytimes.com/1976/07/28/archives/teachers-at-community-college-hold-sitin-over-proposed-cuts.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405173103/https://www.nytimes.com/1976/07/28/archives/teachers-at-community-college-hold-sitin-over-proposed-cuts.html |url-status=live }} Irving Trust sold the building in October 1976 to a private investment group.{{Cite news |date=1976-10-22 |title=1633 Broadway Building Sold to Private Group |language=en-US |work=The New York Times |url=https://www.nytimes.com/1976/10/22/archives/1633-broadway-building-sold-to-private-group.html |access-date=2022-04-03 |issn=0362-4331 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403040909/https://www.nytimes.com/1976/10/22/archives/1633-broadway-building-sold-to-private-group.html |url-status=live }} The buyer, Metropolitan Realty Investments, paid $80 million;{{Cite news |date=1976-10-31 |title=News of the Realty Trade |language=en-US |work=The New York Times |url=https://www.nytimes.com/1976/10/31/archives/news-of-the-realty-trade-european-purchase-office-building-sold.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405165429/https://www.nytimes.com/1976/10/31/archives/news-of-the-realty-trade-european-purchase-office-building-sold.html |url-status=live }} it represented the Otto family of Germany, which operated in the United States under the Paramount Group name.{{cite magazine |last=Feldman |first=Amy |date=6 May 1996 |title=Quietly, Germans make their mark |volume=12 |issue=19 |page=21 |id={{ProQuest|219101216}} |magazine=Crain's New York Business}} Sears announced in 1978 that it would relocate most of its 2,000 employees at the Uris Building to the Sears Tower in Chicago.{{cite news |date=8 Aug 1978 |title=Sears to begin N.Y.-Chicago move in fall |volume=137 |pages=13 |work=Women's Wear Daily |issue=25 |id={{ProQuest|1627351179}}}} The next year, the United States Postal Service announced it would move a regional headquarters into part of the former Sears space,{{Cite news |date=1979-06-28 |title=Postal Service Cancels Plan to Move Out of New York |language=en-US |work=The New York Times |url=https://www.nytimes.com/1979/06/28/archives/postal-service-cancels-plan-to-move-out-of-new-york.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405163548/https://www.nytimes.com/1979/06/28/archives/postal-service-cancels-plan-to-move-out-of-new-york.html |url-status=live }}{{Cite news |last=Ausubel |first=Larry |date=1979-06-28 |title=Postal Service Signs Lease to Stay in City |pages=15 |work=Newsday |url=https://www.newspapers.com/clip/99123905/postal-service-signs-lease-to-stay-in/ |access-date=2022-04-05 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405163426/https://www.newspapers.com/clip/99123905/postal-service-signs-lease-to-stay-in/ |url-status=live }} and James Talcott Factors Inc. also leased some space.{{Cite news |date=1979-11-25 |title=Realty News— |language=en-US |work=The New York Times |url=https://www.nytimes.com/1979/11/25/archives/realty-news-fort-lee-sale-midtown-shift-land-sale.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405163528/https://www.nytimes.com/1979/11/25/archives/realty-news-fort-lee-sale-midtown-shift-land-sale.html |url-status=live }}
=1980s to 2000s=
File:Paramount Plaza south IRT W50 jeh.JPGBy 1980, the structure was known as Paramount Plaza;{{cite magazine |date=2 May 1980 |title=Creamer On B'dwy |volume=21 |issue=28 |pages=62 |id={{ProQuest|1505811034}} |magazine=Back Stage}} the city government classified the new name as a vanity address.{{Cite news |last=Lyons |first=Richard D. |date=1988-05-22 |title=How Builders Invent Vanity Addresses |language=en-US |work=The New York Times |url=https://www.nytimes.com/1988/05/22/realestate/how-builders-invent-vanity-addresses.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411142742/https://www.nytimes.com/1988/05/22/realestate/how-builders-invent-vanity-addresses.html |url-status=live }} At that time, Sears had moved its remaining employees out of the building.{{cite news |date=26 Mar 1980 |title=Sears plans closing of New York buying unit |volume=140 |pages=16 |work=Women's Wear Daily |issue=60 |id={{ProQuest|1498747430}}}} Two years later, Lüchow's restaurant leased space in one of the sunken plazas.{{Cite news |last=Fowler |first=Glenn |date=1982-03-23 |title=Luchow's Moving to Theater District |language=en-US |work=The New York Times |url=https://www.nytimes.com/1982/03/23/nyregion/luchow-s-moving-to-theater-district.html |access-date=2022-04-05 |issn=0362-4331 |archive-date=April 5, 2022 |archive-url=https://web.archive.org/web/20220405172917/https://www.nytimes.com/1982/03/23/nyregion/luchow-s-moving-to-theater-district.html |url-status=live }}{{cite magazine |date=31 Mar 1982 |title=Miscellany: Luchow's to Broadway |volume=306 |issue=9 |pages=2, 111 |id={{ProQuest|1438340472}} |magazine=Variety}} Among the building's other office tenants during the decade were New American Library{{Cite news |last=Dunlap |first=David W. |date=1990-12-02 |title=Commercial Property: Book Publishers; Random House Elects to Stay in Its Midtown Tower |language=en-US |work=The New York Times |url=https://www.nytimes.com/1990/12/02/realestate/commercial-property-book-publishers-random-house-elects-stay-its-midtown-tower.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411142734/https://www.nytimes.com/1990/12/02/realestate/commercial-property-book-publishers-random-house-elects-stay-its-midtown-tower.html |url-status=live }} and the Federal Mediation and Conciliation Service.{{Cite news |last=McFadden |first=Robert D. |date=1989-05-23 |title=Nurses Strike at St. Luke's in Dispute Over Pay and Staff Shortages |language=en-US |work=The New York Times |url=https://www.nytimes.com/1989/05/23/nyregion/nurses-strike-at-st-luke-s-in-dispute-over-pay-and-staff-shortages.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411142736/https://www.nytimes.com/1989/05/23/nyregion/nurses-strike-at-st-luke-s-in-dispute-over-pay-and-staff-shortages.html |url-status=live }} In 1987, J. C. Penney indicated that it intended to move all of its New York City employees to Dallas, freeing up a large amount of office space at Paramount Plaza;{{cite news |last=Moin |first=David |date=29 Apr 1987 |title=J.C. Penney Reportedly Plans Headquarters Move |volume=153 |pages=12 |work=Women's Wear Daily |issue=82 |id={{ProQuest|1445578564}}}}{{cite news |last=Moin |first=David |date=30 Apr 1987 |title=Penney Move Seen Saving $ 70M Annually |volume=153 |pages=12 |work=Women's Wear Daily |issue=83 |id={{ProQuest|1445624752}}}} the relocation was completed by 1994.{{cite news |date=Sep 28, 1994 |title=Penney's Last Buying Office Leaving New York For Texas |volume=168 |pages=2 |work=Women's Wear Daily |issue=62 |id={{ProQuest|1445731947}}}} Landscape architect Thomas Balsley redesigned the building's public plaza in the late 1980s, as the plaza had been fairly unsuccessful despite the presence of retail tenants. Balsley added landscaping and benches to the ground-level portion of the plaza, and he added fountains, staircases, and new lighting and floor surfaces to the sunken plazas. The redesign took more than two years.
The Rodgers & Hammerstein Organization and the Really Useful Group leased space in Paramount Plaza in 1990.{{Cite news |last=Dunlap |first=David W. |date=1990-01-14 |title=Commercial Property: Tin Pan Alley; Rodgers & Hammerstein Is Moving to Broadway |language=en-US |work=The New York Times |url=https://www.nytimes.com/1990/01/14/realestate/commercial-property-tin-pan-alley-rodgers-hammerstein-is-moving-to-broadway.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411144725/https://www.nytimes.com/1990/01/14/realestate/commercial-property-tin-pan-alley-rodgers-hammerstein-is-moving-to-broadway.html |url-status=live }}{{cite magazine |last=Isherwood |first=Charles |date=23 Aug 1989 |title=Legit: R&H, RUG plan to share space |volume=336 |issue=6 |pages=83 |id={{ProQuest|1438501263}} |magazine=Variety}} At the time, the building had few tenants in the music industry, even though many music-related companies had historically been headquartered nearby in the Brill Building. Deloitte, one of the Big Four accounting firms, moved its global headquarters there after the 1993 World Trade Center bombing.{{cite magazine |last=Grant |first=Peter |date=21 Jun 1993 |title=Deloitte is leaving World Trade offices |volume=9 |issue=25 |page=1 |id={{ProQuest|219178299}} |magazine=Crain's New York Business}}{{Cite news |last=Deutsch |first=Claudia H. |date=1993-06-19 |title=Firm Is Leaving the Trade Center |language=en-US |work=The New York Times |url=https://www.nytimes.com/1993/06/19/nyregion/firm-is-leaving-the-trade-center.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411142738/https://www.nytimes.com/1993/06/19/nyregion/firm-is-leaving-the-trade-center.html |url-status=live }} It subsequently subleased {{cvt|500000|ft2}} to Paramount Communications' parent company Viacom. Other tenants during that decade included financial firm Morgan Stanley,{{Cite news |last=Dunlap |first=David W. |date=1991-07-28 |title=Commercial Property: The Office Market; The Gloom Persists On Offices |language=en-US |work=The New York Times |url=https://www.nytimes.com/1991/07/28/realestate/commercial-property-the-office-market-the-gloom-persists-on-offices.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=February 10, 2022 |archive-url=https://web.archive.org/web/20220210194601/https://www.nytimes.com/1991/07/28/realestate/commercial-property-the-office-market-the-gloom-persists-on-offices.html |url-status=live }} cable TV network Showtime, the New York Power Authority,{{Cite news |last=Moss |first=Michael |date=1994-01-28 |title=Posh offices cost state plenty when cheaper digs would do |pages=7, [https://www.newspapers.com/clip/99530147/ 39] |work=Newsday |url=https://www.newspapers.com/clip/99530122/posh-offices-cost-state-plenty-when/ |access-date=2022-04-11 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411143212/https://www.newspapers.com/clip/99530122/posh-offices-cost-state-plenty-when/ |url-status=live }} law firm Brobeck, Phleger & Harrison,{{Cite news |last=Rothstein |first=Mervyn |date=1996-06-26 |title=About Real Estate;High-Technology Theater for Tourists |language=en-US |work=The New York Times |url=https://www.nytimes.com/1996/06/26/business/about-real-estate-high-technology-theater-for-tourists.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411142735/https://www.nytimes.com/1996/06/26/business/about-real-estate-high-technology-theater-for-tourists.html |url-status=live }} and the American Management Association.{{cite magazine |last=Feldman |first=Amy |date=13 Oct 1997 |title=Developer looks west, finds site |volume=13 |issue=41 |page=18 |id={{ProQuest|219134996}} |magazine=Crain's New York Business}} In 1999, Nickelodeon opened an animation studio for Nick Jr programs in the building.{{Cite news |date=1999-09-20 |title=Nickelodeon Animation Studio to Open |language=en-US |work=The New York Times |url=https://www.nytimes.com/1999/09/20/business/nickelodeon-animation-studio-to-open.html |access-date=2020-11-13 |issn=0362-4331 |archive-date=November 13, 2020 |archive-url=https://web.archive.org/web/20201113000224/https://www.nytimes.com/1999/09/20/business/nickelodeon-animation-studio-to-open.html |url-status=live }}
Paramount Group hired a consultant in late 1995 to study uses for the building's retail spaces. Subsequently, the stores were renovated and leased to three tenants in the late 1990s. Mars 2112 leased the northern plaza, Cosi Sandwiches leased a ground-floor storefront, and fitness club Equinox took space in the concourse and sub-concourse. Law firm Kasowitz, Benson, Torres & Friedman leased space at 1633 Broadway for its global headquarters in 2000,{{cite news |date=November 20, 2013 |title=Law firm commits to 225,000 s/f at 1633 Broadway |url=https://rew-online.com/law-firm-commits-to-225000-sf-at-1633-broadway/ |access-date=April 3, 2022 |website=Real Estate Weekly}}{{cite web |last=Geiger |first=Daniel |date=November 4, 2013 |title=Law firm to sign 20-year renewal on B'way |url=https://www.crainsnewyork.com/article/20131104/REAL_ESTATE/131109966/law-firm-is-about-to-sign-20-year-renewal-at-1633-broadway |access-date=April 3, 2022 |website=Crain's New York Business |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403040922/https://www.crainsnewyork.com/article/20131104/REAL_ESTATE/131109966/law-firm-is-about-to-sign-20-year-renewal-at-1633-broadway |url-status=live }} and financial firm FleetBoston also rented three stories.{{Cite news |date=2000-06-14 |title=FleetBoston Bank Rents In Midtown Manhattan |pages=54 |work=Newsday |url=https://www.newspapers.com/clip/99536377/fleetboston-bank-rents-in-midtown/ |access-date=2022-04-11 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411164924/https://www.newspapers.com/clip/99536377/fleetboston-bank-rents-in-midtown/ |url-status=live }} Other tenants included the Bank of America, which had a trading floor there.{{cite news |last=Davis |first=Paul |date=7 Mar 2006 |title=In Brief: More Space in New York for B of A |page=2 |work=The American Banker |id={{ProQuest|249887530}}}} During that decade, Paramount Plaza contained a business center shared by several small tenants.{{Cite news |last=Holusha |first=John |date=2001-05-20 |title=Commercial Property/Business Centers; Modern Office for Rent: Daily Rates Available |language=en-US |work=The New York Times |url=https://www.nytimes.com/2001/05/20/realestate/commercial-property-business-centers-modern-office-for-rent-daily-rates.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411164942/https://www.nytimes.com/2001/05/20/realestate/commercial-property-business-centers-modern-office-for-rent-daily-rates.html |url-status=live }} By the late 2000s, Paramount Group was marketing some of the building's office space for short-term lease.{{Cite news |last=Tarquinio |first=J. Alex |date=2009-03-10 |title=Appeal of Short-Term Leases Grows in Manhattan |language=en-US |work=The New York Times |url=https://www.nytimes.com/2009/03/11/realestate/commercial/11lease.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411170208/https://www.nytimes.com/2009/03/11/realestate/commercial/11lease.html |url-status=live }}
=2010s to present=
File:Paramount Plaza Nov 2021 39.jpg
In 2010, financial services company Allianz announced it would move its North American headquarters to 1633 Broadway,{{cite web |date=August 2, 2010 |title=Allianz To Move N. American HQ to 1633 Broadway |url=https://www.globest.com/sites/globest/2010/08/02/allianz-to-move-n-american-hq-to-1633-broadway/ |access-date=April 3, 2022 |website=GlobeSt |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403040922/https://www.globest.com/sites/globest/2010/08/02/allianz-to-move-n-american-hq-to-1633-broadway/ |url-status=live }} receiving the right to place its name atop the building's roof. Industrial and Commercial Bank of China also leased space that year,{{Cite news |last=Wei |first=Lingling |date=2010-11-01 |title=ICBC Growth Helps Bolster Office Sector |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052748703708404575586593041835022 |access-date=2022-04-03 |issn=0099-9660 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403225609/https://www.wsj.com/articles/SB10001424052748703708404575586593041835022 |url-status=live }}{{cite web |date=November 1, 2010 |title=ICBC Leases Space at 1633 Broadway |url=https://www.globest.com/sites/globest/2010/11/01/icbc-leases-space-at-1633-broadway/ |access-date=April 3, 2022 |website=GlobeSt |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403230100/https://www.globest.com/sites/globest/2010/11/01/icbc-leases-space-at-1633-broadway/ |url-status=live }} as did Carnegie Hall.{{Cite news |last=Wakin |first=Daniel J. |date=2010-02-24 |title=Carnegie Hall Offices Heading to Broadway |language=en-US |work=The New York Times |url=https://www.nytimes.com/2010/02/25/arts/25arts-CARNEGIEHALL_BRF.html |access-date=2022-04-11 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411164924/https://www.nytimes.com/2010/02/25/arts/25arts-CARNEGIEHALL_BRF.html |url-status=live }} The next year, Paramount Group partnered with Beacon Capital Group to acquire Merrill Lynch & Co., Bank of America, and Morgan Stanley's 49 percent ownership stake. The deal valued the building at $2 billion.{{cite magazine |last=Murtha |first=Kerry |date=12 Sep 2011 |title=Recaps offer buildings needed riches |volume=27 |issue=37 |page=21 |id={{ProQuest|896535580}} |magazine=Crain's New York Business}} Paramount increased its ownership stake from 51 to 75 percent, with Beacon owning the remaining 25 percent.{{Cite web |date=2011-08-01 |title=Paramount recaps at 1633 Broadway, ups stake to 75 percent |url=https://therealdeal.com/2011/08/01/paramount-group-recaps-at-1633-broadway-ups-stake-to-75-percent/ |access-date=2022-04-03 |website=The Real Deal New York |language=en-US |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403032806/https://therealdeal.com/2011/08/01/paramount-group-recaps-at-1633-broadway-ups-stake-to-75-percent/ |url-status=live }} Paramount then marketed a partial ownership stake in the building.{{cite web |last=Sederstrom |first=Jotham |date=May 17, 2011 |title=Busy Season at Paramount's 1633 Broadway |url=https://commercialobserver.com/2011/05/busy-season-at-paramounts-1633-broadway/ |access-date=April 3, 2022 |website=Commercial Observer |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520081748/https://commercialobserver.com/2011/05/busy-season-at-paramounts-1633-broadway/ |url-status=live }} Additionally, the owners hired Phillips Group in 2011 to renovate the lobby.{{cite news |date=June 16, 2011 |title=Teamwork takes Paramount to the top |url=https://rew-online.com/teamwork-brings-paramount-to-the-top/ |access-date=April 3, 2022 |website=Real Estate Weekly |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403043905/https://rew-online.com/teamwork-brings-paramount-to-the-top/ |url-status=live }}{{cite web |last=Sederstrom |first=Jotham |date=May 31, 2011 |title=The Challenger: Can Ted Koltis Make Paramount New York's No. 1 Landlord? |url=https://observer.com/2011/05/the-challenger-can-ted-koltis-make-paramount-new-yorks-no-1-landlord/ |access-date=April 3, 2022 |website=Observer |archive-date=February 26, 2021 |archive-url=https://web.archive.org/web/20210226104700/https://observer.com/2011/05/the-challenger-can-ted-koltis-make-paramount-new-yorks-no-1-landlord/ |url-status=live }} Music conglomerate Warner Music Group leased six floors in 2013,{{cite magazine |last=Gensler |first=Andy |date=October 7, 2013 |title=Warner Music Group Moving Headquarters To Paramount Plaza From Rockefeller Center |url=https://www.billboard.com/music/music-news/warner-music-group-moving-headquarters-to-paramount-plaza-5748095/ |access-date=April 3, 2022 |magazine=Billboard |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403040922/https://www.billboard.com/music/music-news/warner-music-group-moving-headquarters-to-paramount-plaza-5748095/ |url-status=live }}{{Cite web |last=Samtani |first=Hitem |date=2013-10-09 |title=Warner Music inks $250M lease deal at Paramount Plaza |url=https://therealdeal.com/2013/10/09/warner-music-inks-250m-lease-deal-at-paramount-plaza/ |access-date=2022-04-03 |website=The Real Deal New York |language=en-US |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403044414/https://therealdeal.com/2013/10/09/warner-music-inks-250m-lease-deal-at-paramount-plaza/ |url-status=live }} and Kasowitz Benson Torres renewed its lease the same year.
Paramount continued to own the structure in partnership with Beacon until 2015, when Paramount bought Beacon's 25 percent stake for $478.3 million.{{cite web |last=Murray |first=Barbra |date=April 2, 2020 |title=Paramount Group to Sell Stake in $2.4B NYC High-Rise |url=https://www.commercialsearch.com/news/paramount-group-to-sell-stake-in-2-4b-nyc-high-rise/ |access-date=April 3, 2022 |website=Commercial Property Executive |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403040924/https://www.commercialsearch.com/news/paramount-group-to-sell-stake-in-2-4b-nyc-high-rise/ |url-status=live }} The same year, toy store FAO Schwarz was negotiating to lease some retail space in 1633 Broadway, but the deal failed.{{cite web |last=Schram |first=Lauren Elkies |title=FAO Schwarz Deal Goes Bust at Paramount Plaza |website=Commercial Observer |date=August 7, 2015 |url=https://commercialobserver.com/2015/08/fao-schwarz-deal-goes-bust-at-paramount-plaza/ |access-date=April 3, 2022 |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403040859/https://commercialobserver.com/2015/08/fao-schwarz-deal-goes-bust-at-paramount-plaza/ |url-status=live }}{{cite web |last=Amato |first=Rowley |title=FAO Schwarz's Plan to Move to Broadway Falls Through |website=Curbed NY |date=August 9, 2015 |url=https://ny.curbed.com/2015/8/9/9932602/fao-schwarzs-plan-to-move-to-broadway-falls-through |access-date=April 3, 2022 |archive-date=November 16, 2016 |archive-url=https://web.archive.org/web/20161116141812/http://ny.curbed.com/2015/8/9/9932602/fao-schwarzs-plan-to-move-to-broadway-falls-through |url-status=live }} Paramount then announced plans to replace the northern sunken plaza with a glass retail cube. In late 2015, Landesbank Baden-Württemberg gave Paramount a $1 billion loan for the building,{{cite web |last=Grecu |first=Veronica |date=December 2, 2015 |title=Paramount Plaza Lands $1B Refi Loan |url=https://www.commercialsearch.com/news/paramount-plaza-lands-1b-refi-loan/ |access-date=April 3, 2022 |website=Commercial Property Executive |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403040922/https://www.commercialsearch.com/news/paramount-plaza-lands-1b-refi-loan/ |url-status=live }} which was finalized the next February.{{cite web |last=Balbi |first=Danielle |date=February 24, 2016 |title=Paramount Group Completes $1B Refi of 1633 Broadway |url=https://commercialobserver.com/2016/02/paramount-group-completes-1b-refi-of-1633-broadway/ |access-date=April 3, 2022 |website=Commercial Observer |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403033150/https://commercialobserver.com/2016/02/paramount-group-completes-1b-refi-of-1633-broadway/ |url-status=live }}{{cite web |last=Katz |first=Rayna |date=February 25, 2016 |title=Paramount Refis Midtown Trophy Tower |url=https://www.globest.com/sites/raynakatz/2016/02/25/paramount-refis-midtown-trophy-tower/ |access-date=April 3, 2022 |website=GlobeSt |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403032800/https://www.globest.com/sites/raynakatz/2016/02/25/paramount-refis-midtown-trophy-tower/ |url-status=live }} Deloitte announced in early 2016 that it would vacate a {{cvt|212000|ft2|adj=on}} section of the building.{{cite web |last=Schram |first=Lauren Elkies |date=May 6, 2016 |title=Deloitte's Departure at 1633 Bway Leaves Paramount With 212K-SF Block |url=https://commercialobserver.com/2016/05/deloittes-departure-at-1633-bway-leaves-paramount-group-with-212000-sf-block/ |access-date=April 3, 2022 |website=Commercial Observer |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403032759/https://commercialobserver.com/2016/05/deloittes-departure-at-1633-bway-leaves-paramount-group-with-212000-sf-block/ |url-status=live }} Several office tenants signed leases in the late 2010s, including the Clinton Foundation,{{Cite web |last=Bockmann |first=Rich |date=2017-09-25 |title=Clinton Foundation inks a sublease at 1633 Broadway |url=https://therealdeal.com/2017/09/25/clinton-foundation-inks-sublease-at-1633-broadway/ |access-date=2022-04-11 |website=The Real Deal New York |language=en-US |archive-date=January 17, 2021 |archive-url=https://web.archive.org/web/20210117062526/https://therealdeal.com/2017/09/25/clinton-foundation-inks-sublease-at-1633-broadway/ |url-status=live }}{{cite web |last=Schram |first=Lauren Elkies |date=September 25, 2017 |title=A Slimmed Down Clinton Foundation Heading to 1633 Broadway |url=https://commercialobserver.com/2017/09/the-clinton-foundation-lease-extreme-reach-paramount-group-1633-broadway/ |access-date=April 11, 2022 |website=Commercial Observer |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411171802/https://commercialobserver.com/2017/09/the-clinton-foundation-lease-extreme-reach-paramount-group-1633-broadway/ |url-status=live }} newspaper company Gannett,{{Cite web |last=Bockmann |first=Rich |date=2017-02-16 |title=Gannett to relocate media-sales office from Madison Avenue to Times Square |url=https://therealdeal.com/2017/02/16/gannett-to-relocate-media-sales-office-from-madison-avenue-to-times-square/ |access-date=2022-04-03 |website=The Real Deal New York |language=en-US |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403045928/https://therealdeal.com/2017/02/16/gannett-to-relocate-media-sales-office-from-madison-avenue-to-times-square/ |url-status=live }} database company MongoDB,{{cite web |last=Kim |first=Betsy |date=December 19, 2017 |title=MongoDB Relocates Headquarters to 1633 Broadway |url=https://www.globest.com/sites/betsykim/2017/12/19/mongodb-relocates-headquarters-to-1633-broadway/ |access-date=April 3, 2022 |website=GlobeSt |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403033150/https://www.globest.com/sites/betsykim/2017/12/19/mongodb-relocates-headquarters-to-1633-broadway/ |url-status=live }}{{Cite web |last=Bockmann |first=Rich |date=2017-11-20 |title=MongoDB relocating to 100K sf at Paramount's 1633 Broadway |url=https://therealdeal.com/2017/11/20/mongodb-relocating-to-100k-sf-at-paramounts-1633-broadway/ |access-date=2022-04-03 |website=The Real Deal New York |language=en-US |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403032759/https://therealdeal.com/2017/11/20/mongodb-relocating-to-100k-sf-at-paramounts-1633-broadway/ |url-status=live }} and investment manager New Mountain Capital.{{Cite web |last=Bockmann |first=Rich |date=2019-02-05 |title=Asset manager New Mountain Capital inks 100K sf lease in Midtown |url=https://therealdeal.com/2019/02/05/asset-manager-new-mountain-capital-inks-100k-sf-lease-in-midtown/ |access-date=2022-04-03 |website=The Real Deal New York |language=en-US |archive-date=August 28, 2021 |archive-url=https://web.archive.org/web/20210828233328/https://therealdeal.com/2019/02/05/asset-manager-new-mountain-capital-inks-100k-sf-lease-in-midtown/ |url-status=live }}{{cite web |last=Kim |first=Betsy |date=February 14, 2019 |title=New Mountain Capital Rents 108,374 SF at 1633 Broadway |url=https://www.globest.com/2019/02/14/new-mountain-capital-rents-108374-sf-at-1633-broadway/ |access-date=April 3, 2022 |website=GlobeSt |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403033151/https://www.globest.com/2019/02/14/new-mountain-capital-rents-108374-sf-at-1633-broadway/ |url-status=live }}
The building was refinanced in November 2019 for $1.25 billion,{{cite web |last=Gagiuc |first=Anca |date=November 27, 2019 |title=Paramount Group Closes $1.3B Manhattan Refi |url=https://www.commercialsearch.com/news/paramount-groups-paramount-refi/ |access-date=April 3, 2022 |website=Commercial Property Executive |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403033150/https://www.commercialsearch.com/news/paramount-groups-paramount-refi/ |url-status=live }}{{cite web |last=Brown |first=Mariah |date=November 27, 2019 |title=Paramount Lands $1.25B REFI for 1633 Broadway |url=https://www.globest.com/2019/11/27/paramount-lands-1-25b-refi-for-1633-broadway/ |access-date=April 3, 2022 |website=GlobeSt |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403033149/https://www.globest.com/2019/11/27/paramount-lands-1-25b-refi-for-1633-broadway/ |url-status=live }} a move that raised $140 million for Paramount. The next April, Paramount indicated it would enter a joint venture with an unnamed investor to sell a 10 percent stake in 1633 Broadway.{{cite web |last=Brown |first=Mariah |date=April 3, 2020 |title=Paramount Auctions Off 10% Stake In 1633 Broadway |url=https://www.globest.com/2020/04/03/paramount-auctions-off-10-percent-stake-in-1633-broadway/ |access-date=April 3, 2022 |website=GlobeSt |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403032810/https://www.globest.com/2020/04/03/paramount-auctions-off-10-percent-stake-in-1633-broadway/ |url-status=live }}{{cite web |date=April 2, 2020 |title=Paramount Group to sell stake 1633 Broadway |url=https://rew-online.com/paramount-group-to-sell-stake-1633-broadway/ |access-date=April 3, 2022 |website=Real Estate Weekly |archive-date=April 4, 2020 |archive-url=https://web.archive.org/web/20200404150639/https://rew-online.com/paramount-group-to-sell-stake-1633-broadway/ |url-status=live }} The sale was completed the next month{{cite web |last=Morphy |first=Erika |date=May 29, 2020 |title=Paramount Sells 10% Stake in 1633 Broadway |url=https://www.globest.com/2020/05/29/paramount-sells-10-stake-in-1633-broadway/ |access-date=April 3, 2022 |website=GlobeSt |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403032801/https://www.globest.com/2020/05/29/paramount-sells-10-stake-in-1633-broadway/ |url-status=live }} at a price of $240 million.{{cite web |last=Elstein |first=Aaron |date=February 11, 2021 |title=Big office landlord says rent collections will fall and leasing may further decline |url=https://www.crainsnewyork.com/commercial-real-estate/big-office-landlord-says-rent-collections-will-fall-and-leasing-may-further |access-date=April 3, 2022 |website=Crain's New York Business |archive-date=March 20, 2022 |archive-url=https://web.archive.org/web/20220320104558/https://www.crainsnewyork.com/commercial-real-estate/big-office-landlord-says-rent-collections-will-fall-and-leasing-may-further |url-status=live }} This provided extra cash for the firm{{Cite web |date=2020-06-29 |title=What Tenants Are Paying at Paramount Group's 1633 Broadway |url=https://therealdeal.com/2020/06/29/trd-insights-the-rents-at-paramount-groups-1633-broadway/ |access-date=2022-04-03 |website=The Real Deal New York |language=en-US |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403032800/https://therealdeal.com/2020/06/29/trd-insights-the-rents-at-paramount-groups-1633-broadway/ |url-status=live }} amid a decline in office leasing due to the COVID-19 pandemic in New York City. In February 2022, Taiwanese restaurant chain Din Tai Fung leased the retail space in Paramount Plaza's glass cube;{{Cite web |date=2022-02-24 |title=Famed Taiwanese Chain Opening in Paramount's 1633 Broadway |url=https://therealdeal.com/2022/02/24/paramounts-1633-broadway-set-for-famed-taiwanese-chains-first-east-coast-outpost/ |access-date=2022-04-03 |website=The Real Deal New York |language=en-US |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403032759/https://therealdeal.com/2022/02/24/paramounts-1633-broadway-set-for-famed-taiwanese-chains-first-east-coast-outpost/ |url-status=live }}{{cite web |last=Rizzi |first=Nicholas |date=February 25, 2022 |title=Taiwanese Chain Din Tai Fung Opening First NYC Outpost in Midtown |url=https://commercialobserver.com/2022/02/din-tai-fung-lease-nyc-1633-broadway-paramount-group/ |access-date=April 3, 2022 |website=Commercial Observer |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403033151/https://commercialobserver.com/2022/02/din-tai-fung-lease-nyc-1633-broadway-paramount-group/ |url-status=live }} however, the restaurant's opening was not announced until 2024.{{cite web | last=Fortney | first=Luke | title=New York's First Location of Din Tai Fung Is Coming Soon | website=Eater NY | date=March 15, 2024 | url=https://ny.eater.com/2024/3/15/24101836/new-york-first-din-tai-fung-opening-soon-midtown | access-date=March 17, 2024}} Amid fears that many of Paramount Plaza's tenants could leave or pay lower rents once their leases expired, Fitch Ratings reduced the credit rating of Paramount Plaza's mortgage in 2024.{{cite web | last=Elstein | first=Aaron | title=Paramount Plaza's mortgage downgraded due to falling cash flow | website=Crain's New York Business | date=April 16, 2024 | url=https://www.crainsnewyork.com/real-estate/paramount-plazas-mortgage-downgraded-due-falling-cash-flow | access-date=July 18, 2024}} By the end of that year, Paramount Plaza was 95% occupied, and Paramount Group had spent $230 million on building upgrades to date since 2010.{{cite web |last=Elstein |first=Aaron |date=December 16, 2024 |title=Paramount Plaza office building sees recovery after downgrade |url=https://www.crainsnewyork.com/real-estate/paramount-plaza-office-building-1633-broadway-sees-recovery |access-date=December 17, 2024 |website=Crain's New York Business}}
Tenants
As of October 31, 2019, the building was 98.4% leased to tenants including:{{cite web |url=https://www.sec.gov/Archives/edgar/data/850779/000153949720000059/n1967_fwp-bnk25.htm |title=BANK 2019-BNK25 Free Writing Prospectus |date=January 15, 2020 |publisher=Securities & Exchange Commission |access-date=April 27, 2020 |archive-date=April 2, 2022 |archive-url=https://web.archive.org/web/20220402170614/https://www.sec.gov/Archives/edgar/data/850779/000153949720000059/n1967_fwp-bnk25.htm |url-status=live }}
- Floors 2-3: Bleacher Report
- Floors 4 and 7-11: Warner Music Group
- Floor 6: MTV Satellite Radio{{Cite book |last=Wolff |first=Michael |url=https://books.google.com/books?id=LIESc6b4dZ4C&dq=%22paramount+plaza%22+++%22mtv%22&pg=PT164 |title=Burn Rate: How I Survived the Gold Rush Years on the Internet |date=2013-03-12 |publisher=Simon and Schuster |isbn=978-1-4767-3744-7 |language=en}}
- Floors 13-17: Showtime Networks
- Floors 18 and 28: Industrial and Commercial Bank of China
- Floors 19-22: Kasowitz Benson Torres
- Floors 26, 27, 29, 30, and 33: Morgan Stanley{{cite web |last=Schram |first=Lauren Elkies |date=December 4, 2015 |title=Morgan Stanley Expanding More Than Fourfold to 261K SF at 1633 Bway |url=https://commercialobserver.com/2015/12/morgan-stanley-expanding-more-than-threefold-to-261k-sf-at-1633-bway/ |access-date=April 3, 2022 |website=Commercial Observer |archive-date=April 3, 2022 |archive-url=https://web.archive.org/web/20220403040858/https://commercialobserver.com/2015/12/morgan-stanley-expanding-more-than-threefold-to-261k-sf-at-1633-bway/ |url-status=live }}
- Floors 37-38: MongoDB Inc.
- Floors 39-40: Charter Communications (and brand Spectrum)
- Floor 41: Virtu Financial
- Floors 42-46: Allianz (and subsidiary PIMCO)
- Floors 47-48: New Mountain Capital
See also
References
=Notes=
{{notelist}}
=Citations=
{{Reflist}}
=Sources=
- {{Cite Routledge Broadway}}
- {{Cite ATT Broadway}}
- {{cite book |last=Garvey |first=Sheila Hickey |url=https://books.google.com/books?id=adsMEAAAQBAJ |title=Circle in the Square Theatre: A Comprehensive History |publisher=McFarland, Incorporated, Publishers |year=2020 |isbn=978-1-4766-3949-9}}
- {{Cite New York 1960|pages=445-446}}
External links
{{ccat|Paramount Plaza}}
- {{Official website|http://www.paramount-group.com/properties/1633bway/}}
{{Midtown North, Manhattan}}
{{Broadway (Manhattan)}}
{{Portal bar|Architecture|New York City}}
{{Authority control}}
Category:1971 establishments in New York City