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S&P Global downgraded the credit rating for 1515 Broadway, saying its future bodes ill unless SL Green snags a casino license for the big Times Square tower.
The property is where Carson Daly hosted “Total Request Live” in the late ‘90s and early 2000s, and MTV’s offices are still there. The 57-story tower at West 45th Street is 90% leased to Paramount Global, owner of CBS, Nickelodeon and Showtime. But Paramount piled up $5 billion in operating losses last year and announced layoffs at 1515 Broadway, with more to come, S&P reckons, whether or not Shari Redstone sells her enterprise to Skydance Media.
“Sustainable” cash flow at the building has fallen nearly 10%, S&P said in a report late Thursday, adding that one measure of the 1.7 million-square-foot tower’s value has fallen by 40%, to $634 million. The rating agency also said that, measured by performance alone, 1515 Broadway’s $735 million mortgage merited larger downgrades than it received, but S&P “tempered” its actions because there’s a chance SL Green and its partners will succeed in their quest for the holy grail of a casino license.
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5 Times Square (155 West 41st Street)
The conversion of 5 Times Square could net more than 1,000 units.
The latest vision for the building was discussed during a recent City Planning Commission meeting.
Apollo Global Management, RXR Realty and SL Green Realty are planning to convert the 38-story office building into up to 1,250 units of housing, mostly studios, of which 25 percent would be affordable. (Previously reported plans called for 942 housing units.)
It will likely be completed in two phases to accommodate Roku’s lease in the building, which does not expire until 2033. The company took 240,000 square feet in the building in 2022, but by the following year, it downsized and decided to sublease its new digs. That could mean the company will be willing to get out of its lease even earlier.
Update on 5 Times Square
I saw it yesterday and remarked on the progress so far. It’s looking better than it was. Didn’t get a picture because I was busy trying to get to the subway, and the amount of scammers and weird people that hang out in this area made me not want to pull my camera (or phone) out, which is why I generally avoid this area.
The property will also feature a unique SUMMIT experience
intended for guests of Caesars Palace Times Square.
SUMMIT One Vanderbilt was conceptualized as a
Central Park in the Sky, and is an immersive observatory
experience that welcomes over 2 million visitors annually from all-around the world. The SUMMIT Times Square immersive observatory experience will introduce CPTS
guests to new perceptions of what is possible in Times Square from a singular vantage point.