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'Fun' retail for 1540 Broadway.

Bertelsmann AG reports it is planning to make 1540 Broadway a real Times Square-style office building via is 140,000 square feet of retail space.

Chris Alpers, Bertelsman senior vice president, told REW the German communications giant will turn the five stories of retail space -- three floors above ground and two below -- into an entertainment complex that is consistent with Times Square.

Alpers, who is handling the retail leasing for the 44-story office tower located at 45th Street, says the retailers will be quality, and there will be no arcades.

"It's not going to be something that's cheesey," he said. "It's going to be something that's quality."

The building, which was purchased by Bertelsmann for $119 million after developer Bruce Eichner defaulted, already contains a completed four-plex movie theater. Loews was set to be the operator of the theaters and Alpers believes they will end up taking them on.

While the entire concept is not worked out yet, Alpers said, they have been approached by a number of attraction-type retailers and other selected retailers.

"We're looking for a few more that would provide quality entertainment without using too much space," he said.

The original scheme for the retail space, Alpers said, was a retail mall with two food courts. Bertelsmann's plan, he said, will probably be entertainment with a little bit of food.
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Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:office building, retail space and entertainment complex planned; New York, New York
Publication:Real Estate Weekly
Date:Aug 12, 1992
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