New Developments in Times Square

As the New Year’s Eve Ball Drop approaches, the spotlight is shining on Times Square. Tom Harris and the Times Square Alliance have made significant strides, most notably by closing down 12 illegal marijuana shops and working to improve the Bowtie area, which has faced overwhelming tourist traffic.

Let’s take a look at a few key projects happening nearby.

One Times Square Transformation

One Times Square, previously an empty tower, has been revamped by its owner, Jamestown. It’s now envisioned as a “21st-century visitor center for New York City,” featuring a “museum experience,” tech-driven brand activations, and an observation deck. While the New Year’s Eve Ball Experience, which will include access to the observation deck, is set to open this month, the more ambitious features—including an “interactive adventure through Times Square’s history”—won’t be available until 2026.

Exciting Attractions in the Brill Building

Just a few blocks away, the Brill Building is buzzing with activity. The Escape Games company is investing $5 million in launching two attractions: Escape Games and Great Big Game Show. These will be established in a 5,000-square-foot space, that will house six escape rooms and two studios dedicated to game shows. Notably, these immersive experiences have eye-catching entrances at sidewalk level, and participants can already register for the fun that kicks off on December 15th.

The Brill Building, once a hub for top songwriters and artists, is owned by Mack Real Estate Group and has a storied past.

Central Perk Coffee Shop Update

Switching gears to Central Perk, the Friends-themed coffee shop, which has opened at 701st Street, on the corner of West 47th Street. We initially termed this a pop-up when we reported on it in September. However, there’s been some debate about whether it’s a temporary installation or more permanent.

Steven Soutendyk from Cushman & Wakefield, part of the promotional effort alongside Greenburn Investment Group and NewBond Holdings, shared that landlords could regain that space if they attract long-term tenants. Interestingly, he mentioned that Central Perk’s agreement isn’t for the long haul, but there’s optimism it could pave the way for more enduring retail options in the future.