Black shrouds and scaffolding have gone up over 1568 Broadway’s lower floors as crews begin the process of removing its Times Square-facing billboards and marquees. Meanwhile, workers are beginning to gut the interiors of the 470-foot-tall tower ahead of its imminent demolition. Built in 1990, the current DoubleTree hotel will eventually make way for a new 46-story DoubleTree Suites by Hilton. The proposed 550,000-square-foot development, which will be called TSX Broadway, will preserve of the 106-year-old Palace Theatre by raising it three stories up from the ground floor, making way for retail space. The $2.5 billion project is being developed by L&L Holding Company, Maefield Development, and Fortress Investment Group. The site was previously purchased for $450 million.
L&L Holding Company
While the flashing marquee lights and LED billboards of 1568 Broadway continue to brighten the crossroads of the world, the light bulbs and digital screens will one day turn off as the building prepares for demolition. Plans for the DoubleTree Suites by Hilton call for an entirely new 46-story, 550,000 square foot building dubbed TSX Broadway. The 106-year old Palace Theatre will be the only part of the original site to be preserved, structurally elevated, and integrated into the $2.5 billion dollar redevelopment. L&L Holding Company, Maefield Development, and Fortress Investment Group are the developers who purchased the site for $450 million dollars.
425 Park Avenue held its official topping-out ceremony on December 3, 2018. Its architect Lord Norman Foster, head of Foster + Partners, along with several keynote speakers including David Levinson of L&L Holding Company LLC and Masaoki Kanematsu of Tokyu Land Corporation spoke at the reception, held on the 20th floor of the the building’s first and largest tiered setback. The 41-story, 897-foot tall building is the 17th-tallest building under construction in New York City, and has grown out of the old remains of the original structure that formerly stood on site. The un-demolished section is being repurposed as part of Midtown’s first new full-block office skyscraper in over 50 years. The tower is being developed by L&L Holding Company LLC while Adamson Associates is the architect of record.
Construction is moving fast for 425 Park Avenue, as is the curtain wall. The new Midtown office tower rising on Manhattan’s most prestigious thoroughfare saw steel begin climbing rapidly as soon as construction breeched the original partially-demolished extant structure. As it now stands, topping out appears imminent. The concrete core has reached the top floor, while the steel has 15 more stories remaining before its final 41st level. L&L Holding Company is responsible for the development.
The DoubleTree Suites by Hilton has long been located at the intersection of 7th Avenue and West 47th Street. But in a few more years, the soon-to-be former hotel will house Times Square’s newest project, a nearly $2.5 billion redevelopment by L&L Holding Company, Maefield Development, and Fortress Investment Group. With the site purchased for $450 million, they plan to demolish the existing hotel and create a new 550,000 square foot and 46-story skyscraper, dubbed TSX Broadway. Plans also integrate the 105-year old Palace Theater. Approved by the Landmark Preservation Commission in November 2015, the historic structure will be lifted from its foundations and placed 30 feet above street level.