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Long-term signage deals signed at 1530 Broadway.

In one of the largest multiple billboard transactions in Times Square history, three signage deals valued in excess of $50 million were signed for 1530 Broadway, announced Ben Moss, vice president of B.S. Moss Enterprises, which owns and operates the property. The long-term licenses with well-known credit tenants will take up three of the six major signage availabilities on the building, which is located on the east side of Broadway between 44th and 45th Streets.

The American Broadcasting Companies signed a 20-year deal to license the signage space on the 44th Street side of the building, facing the corporation's new Times Square studio. Liz Claiborne, Inc., the New York Stock Exchange apparel company, has entered into a 10-year license for all of the building's roof signage space overlooking Broadway and facing the center of Times Jockey International signed a five-year license for a 25 x 92 foot billboard space on the front of the property, directly facing Broadway and West 44th Street.

B.S. Moss Enterprises is in the final phases of negotiation with a major national advertiser for a fourth space on the Broadway face of the building.

Each of the transactions was negotiated directly with the licensee. These highly valuable, long-term transactions are unique to the industry, in which 30- to 90-day contracts are standard practice.

"We are delighted with the response the market has evidenced to the opportunities available at 1530 Broadway and we are confident that the two remaining signs will soon be licensed by users who want to harness the energy and potency of Times Square at the millennium and beyond," Moss said. "Even more, we are thrilled with our ability to negotiate and close long-term deals directly with users in a very smart and time-sensitive fashion. We understand both the signage and retail value of our property, as well as the needs of these distinct user groups. We look forward to announcing deals for the remaining space in the near future."

The two remaining signage opportunities at 1530 Broadway exist on the northwest corner of the building. The two signs are currently under construction and will be available for users by November of 1999, Moss said.

Licensees will attain unique benefits by being located in the highly trafficked Times Square corridor. The area boasts over 20 million tourists annually, 12,600 hotel rooms, 39 Broadway theaters and easily accessible means of transportation from over seven subways lines. In addition, retailers in the area have generated revenues exceeding $650 million per year in 1998 and revenues are expected to reach $760 million by the year 2000.

For additional information about the signage and retail opportunities at 1530 Broadway, contact Ben Moss at B.S. Moss Enterprises at (212) 764-7000.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Oct 20, 1999
Words:455
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