Katz makes some history with his risky decision.

When Jeffrey Katz bought the building at 1600 Broadway 21 years ago, little did he know that he would one day make real estate history at that site.

Katz, the CEO and principal owner of developer Sherwood Equities, Inc., originally envisioned three extremely different uses for the property: a hotel, an office building, and--least likely amidst thec acophonous bustle of Times Square--a residential condominium.

After two decades of contemplation, Katz--who traditionally has taken a conservative approach to buying and developing--chose the riskiest venture. In spite of skepticism from real estate professionals and many others, Katz decided to develop Broadway on the Square, the first-ever luxury residential condominium in Times Square.

He built the 27-story residential and retail complex, on the east side of Broadway between West 48th and West 49th Streets, in an area considered by most people much too risky for a luxury condominium. But while naysayers claimed that it would never work, Katz proved otherwise--all 136 residences at 1600 Broadway were sold in less than four months.

"It's always been at the back of my mind that someday, the concept of building a home in Times Square would work," said Katz. "When New York's real estate market began scaling new heights a few years ago, I knew there would be no better opportunity."

With focus and determination, Katz and his team (headed by Jacqueline Urgo of The Marketing Directors) worked past every roadblock to bring monumental changes to Times Square.

Those roadblocks were many. They overcame marketing challenges by comparing for-sale versus rent numbers, and then built and designed according to targeted buyers' needs; They implemented a show-and-tell method rather than the typical tell-and-tell method, by setting up an on-site sales office in a model apartment--something that hasn't been done in ten years.

They needed to convince buyers that the noisy and congested Times Square area is a viable place to live and, in a move that attracted a great deal of buyers, Katz managed to cut the delivery time from two years to merely nine months.

They faced numerous building challenges: learning quickly to construct over the busy subway system, working on an island site in which 7th Avenue and Broadway run parallel prior to intersection and facing frontage on major avenues rather than streets.

In addition, with 1600 Broadway offering 30,000 square feet of prime retail space at the northern gateway to Times Square, Katz also needed to obtain a high-end retailer. He solved this problem by highlighting the growing trend of upscale retailers moving to the Times Square area. This paved the way for Sherwood Equities to lease 30,000 square feet of space to M&M Mars, with 1600 Broadway becoming the corporation's flagship store.

Broadway on the Square's development, although effortful, was certainly worth it. Katz made real estate history when the first-ever residential owner/occupant of Times Square moved in during May, 2006.

"It was perfect timing," Katz said. "If we had waited just one more year, who knows how the softened market would have reacted?"

Although 1600 Broadway is Katz's most recent project, he has been actively involved in reshaping the Times Square area for over a decade. He has successfully leased, and currently manages, three of Times Square's most prominent properties. He is part owner of One Times Square, where the ball drops on New Year's Eve, and Two Times Square, in addition to the many billboards in the area. His development of Two Times Square was honored by the Municipal Arts Society and received one of the City Club of New York's 27th Annual Bard Awards for Excellence in Architecture and Urban Design.

With a commanding presence in Times Square, Mr. Katz formed Sherwood Outdoor, Inc. in 1996, a wholly owned subsidiary of Sherwood Equities, Inc., which has become one of the premier signs companies in Times Square. Mr. Katz leased to Corona twin 90-feet-high by 30-feet-wide signs that strategically frame the north end of the Times Square bow tie.

In addition to his work in the Times Square area, Katz is also the developer of such luxury condominium buildings as The Coronado, The Saratoga and 130 Barrow Street. His work at 130 Barrow Street garnered numerous design and building awards, including The Builder's Choice Award for Mixed Use Development and a Certificate of Distinction in American Architecture from Hanover Publishing.

Katz has an M.B.A. from the Wharton School of Business and a bachelor's degree from the University of Massachusetts. The premier of 1600 Broadway is a strong indication of the unique changes taking place in Times Square. With his vision for the area, it is certain that Katz will be responsible for much of the revolutionary success.

Jeffrey Katz, CEO and principal, Sherwood Equities, Inc.