Though the residential real estate market hasn't been all dandelions and rainbows lately, the commercial real estate market has been even more grim. Today, the Observer continues to note the trouble of filling expensive new office space with tenants?specifically the under-construction 11 Times Square skyscraper, as well as developer Africa Israel's pricey renovation of the old New York Times Building (now called the Times Square Building) around the corner on 43rd Street. However, in today's Post, Lois Weiss reports that the landmark old newspaper HQ might be staying in the media biz. Viacom has been in talks to lease the entire building, though the company may renew its lease at 1515 Broadway, so identifiable with Viacom because of the hordes of teenagers that gather in Times Square to gawk at MTV. According to Weiss, Viacom isn't thrilled with having to deal with 1515 Broadway's own extensive renovation, though is it really that difficult to edit The Hills with a little banging and clanging in the background?
· Viacom Nears Lease Decision [NYP]
· Got $1 M.? Here’s an Idea [NYO]