Als Karl-Theodor zu Guttenberg, a man with an appreciation for the outside world, visited New York in March 2009 as Federal Minister of Economics, and in the evening he has himself photographed in the sea of lights in Times Square. The politician, who later stumbled, spreads his arms confidently in the photo, as if he owned this place – including the slim building that protrudes behind his right shoulder and is covered from top to bottom with illuminated billboards: “One Times Square – Times Square number one ”.
–
–
–
Thousands of tourists choose the same motif every day, even if hardly anyone knows the house number or what is hidden behind the advertising for the Budweiser beer brand or the Dunkin ‘Donuts coffee chain. The famous Dow Jones news agency stretches around the skyscraper. When the stock exchange prices on Wall Street tumble again, the “zipper”, which has been around since 1928, is always a popular motif for cameramen.
–
One Times Square at dusk
:
Image: Tobias Everke
–
After all, the pictures of the building go around the world every New Year’s Eve. A glittering ball of light on the roof sinks one minute before the turn of the year until the four numbers for the new year light up punctually at midnight. A million people crowd in the cold below in the square. 565 million viewers watch New York celebrate New Year’s Eve in front of television screens around the world.
Advertising is the only way to make a profit
All this makes “One Times Square” one of the most famous skyscrapers in New York, despite its only 25 floors – even if it does not usually appear on the usual lists of skyscrapers dominated by the Empire State Building. In Manhattan, where 42 of the 500 largest American companies have their headquarters and the rents for commercial real estate are correspondingly high, the house is also a curiosity. Because it is almost completely empty.
The reason: because of the acute-angled intersection of Broadway and 7th Avenue, the building has a triangular floor plan and therefore only relatively little office space per floor. This does not meet the requirements of modern companies, whose space requirements are usually six times as high. “The only way to benefit from the property is through advertising. Otherwise, the building is hardly usable because of the limited space, ”explains Christoph Kahl, founder and managing partner of Jamestown US-Immobilien GmbH.
The 57-year-old Kahl, a friendly gentleman with white hair and a brightly colored bow tie, cuts a figure at least as good in the evening light in front of the building as ex-Minister zu Guttenberg – with the difference that he – or at least his company Jamestown – actually has the building heard. The company, which has its headquarters in Cologne and Atlanta and specializes in American real estate and is aimed exclusively at German investors, acquired “One Times Square” in 1997 for $ 120 million for its closed-end real estate fund Jamestown 18.
The skyscraper still has a regular tenant
Even then, advertising was the most important source of income. The advertising space currently accounts for around 85 percent of total rental income. Kahl is therefore delighted with the building’s popularity as a photo opportunity. “During the snow storm in January, a man crossed Times Square on cross-country skis. The picture was printed in all the newspapers and ‘One Times Square’ was in the background, ”he says. Something like this gives Kahl’s people good arguments when they renegotiate rents for these areas.
– .
