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95-663: Paramount Plaza , also 1633 Broadway and formerly the Uris Building , is a 48-story skyscraper in the Midtown Manhattan neighborhood of New York City . Designed by Emery Roth and Sons , the building was developed by the Uris brothers and was renamed for its owner, the Paramount Group, by 1980. Paramount Plaza occupies a site bounded by Broadway to the east, 51st Street to the north, and 50th Street to

190-551: A Uris building go under like that." After J. C. Penney leased 450,000 sq ft (42,000 m) of space that August, only five percent of the space was still vacant. However, Newsday reported in December 1975 that the building had a 10 percent vacancy rate, even though its owners had spent millions of dollars on renovations. Other tenants at the time included the City University of New York . Irving Trust sold

285-625: A business center shared by several small tenants. By the late 2000s, Paramount Group was marketing some of the building's office space for short-term lease. In 2010, financial services company Allianz announced it would move its North American headquarters to 1633 Broadway, receiving the right to place its name atop the building's roof. Industrial and Commercial Bank of China also leased space that year, as did Carnegie Hall . The next year, Paramount Group partnered with Beacon Capital Group to acquire Merrill Lynch & Co. , Bank of America, and Morgan Stanley's 49 percent ownership stake. The deal valued

380-433: A college education or higher. The percentage of Midtown Manhattan students excelling in math rose from 61% in 2000 to 80% in 2011 and reading achievement increased from 66% to 68% during the same time period. Midtown Manhattan's rate of elementary school student absenteeism is lower than the rest of New York City. In Midtown Manhattan, 19% of elementary school students missed twenty or more days per school year , less than

475-588: A fire that badly damaged the building, the bank moved on August 15, 1894, from Bleecker to 280 Fourth Avenue at 22nd Street . A large white marble Romanesque structure was designed by Cyrus L. W. Eidlitz . Later headquarters were located on Park Avenue South. The Bank for Savings acquired the New York Savings Bank in August 1963, becoming the New York Bank for Savings. The merger allowed

570-671: A glass retail cube was installed in the northern part of the plaza. The cube, designed by MdeAS Architects , serves as an entrance to a double-level retail space in the basement, which spans 39,588 sq ft (3,677.8 m). According to the New York City Department of City Planning , Paramount Plaza has a gross floor area of 2,438,059 sq ft (226,503.1 m) and is divided into 47 ownership condominiums . Paramount Plaza has 42 elevators and eight escalators. The Uris Building did not renumber its 13th floor out of superstition, as other high-rises did; this led

665-515: A low population of residents who are uninsured . In 2018, this population of uninsured residents was estimated to be 11%, slightly less than the citywide rate of 12%. The concentration of fine particulate matter , the deadliest type of air pollutant , in Midtown Manhattan is 0.0113 milligrams per cubic metre (1.13 × 10  oz/cu ft), more than the city average. Eleven percent of Midtown Manhattan residents are smokers , which

760-419: A lower crime rate than in the 1990s, with crimes across all categories having decreased by 81.2% between 1990 and 2022. The precinct reported 8 murders, 23 rapes, 653 robberies, 502 felony assaults, 660 burglaries, 2,375 grand larcenies, and 68 grand larcenies auto in 2022. The main part of midtown Manhattan, between 34th and 59th Streets from Lexington Avenue to Eighth Avenue, is served by five fire stations of

855-600: A major force in Midtown Manhattan's economy, and indeed the city's, as the total value of all New York City property was estimated at US$ 914.8 billion for the 2015 fiscal year . Manhattan has perennially been home to some of the nation's, as well as one of the world's, most marketable real estate, including the Time Warner Center , which had the highest-listed market value in the city in 2006 at US$ 1.1 billion, to be subsequently surpassed in October 2014 by

950-522: A majority stake in the Uris properties. The Uris Buildings Corporation failed to pay the construction loan, which was due at the end of December 1973 and was extended multiple times. Uris decided not to extend the loan because it would not provide additional funding to cover operating and carrying costs . At that time, 12.5 percent of office space in Manhattan was vacant, higher than the 5-percent rate that

1045-614: A move that raised $ 140 million for Paramount. The next April, Paramount indicated it would enter a joint venture with an unnamed investor to sell a 10 percent stake in 1633 Broadway. The sale was completed the next month at a price of $ 240 million. This provided extra cash for the firm amid a decline in office leasing due to the COVID-19 pandemic in New York City . In February 2022, Taiwanese restaurant chain Din Tai Fung leased

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1140-588: A number of private languages and music centers (e.g. Berlitz , American Language Communication Center, New York Language Center, Swan Music School, and the New York Youth Symphony ). The La Scuola d'Italia Guglielmo Marconi Italian international school moved to West Midtown in 2016. The New York Public Library (NYPL) operates the Stephen A. Schwarzman Building (also the Main Branch),

1235-726: A plaza on the eastern 60 percent of the site. The Broadway theater would have 1,500 to 2,000 seats. In October 1967, the New York City Planning Commission (CPC) proposed the Special Theater District Zoning Amendment, which gave zoning bonuses to office-building developers who included theaters. The proposed legislation would directly allow theaters in One Astor Plaza and the Uris Building, which would be

1330-966: A program aimed at creating "a 24/7, live-work, mixed-use neighborhood" in Midtown South though the conversion of commercial and office space to residential, as part of an effort to create 20,000 new residences citywide in a decade. According to The Broadway League , shows on Broadway sold approximately US$ 1.54 billion worth of tickets in both the 2022–2023 and 2023–2024 seasons. Both seasons featured theater attendance of approximately 12.3 million each. Companies that used to have their headquarters in Midtown Manhattan include American Airlines , American Comics Group , American Overseas Airlines , Central Park Media , Eastern Air Lines , GoodTimes Entertainment , LJN , NewKidCo , Pan American World Airways , Philip Morris Companies (now Altria Group ), Trans Caribbean Airways , and Trans World Airlines . In 1997, Aer Lingus announced that it

1425-615: A reference branch at 476 Fifth Avenue. The four-story building, constructed in 1911, is known worldwide for its architecture and has several million items in its collections. There are also five circulating branches in Midtown: Two campuses of the City University of New York (CUNY)—the doctorate-granting CUNY Graduate Center and the Stella and Charles Guttman Community College —are located in Midtown, while Baruch College , also of

1520-399: A regional headquarters into part of the former Sears space, and James Talcott Factors Inc. also leased some space. By 1980, the structure was known as Paramount Plaza; the city government classified the new name as a vanity address. At that time, Sears had moved its remaining employees out of the building. Two years later, Lüchow's restaurant leased space in one of the sunken plazas. Among

1615-471: Is 41% in Midtown Manhattan, compared to the boroughwide and citywide rates of 45% and 51% respectively. Based on this calculation, as of 2018 , Midtown Manhattan is considered to be high-income relative to the rest of the city and not gentrifying . Midtown Manhattan is patrolled by two precincts of the NYPD . Midtown North is patrolled by the 18th Precinct, located at 306 West 54th Street, while Midtown South

1710-417: Is affixed to the top of the building on all four sides. Paul Goldberger criticized the building as having brought "nothing more than Third Avenue banality to a part of town that, whatever its social problems, has always been visually spectacular." The building originally contained two sunken plazas, which counted toward the building's zoning bonuses. Both plazas had ornamental fountains, which were removed in

1805-651: Is also growing in Midtown Manhattan based upon the city's strength in academic scientific research and public and commercial financial support. By mid-2014, Accelerator, a biotech investment firm, had raised more than US$ 30 million from investors , including Eli Lilly and Company , Pfizer , and Johnson & Johnson , for initial funding to create biotechnology startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000 m ) on East 29th Street and promotes collaboration among scientists and entrepreneurs at

1900-702: Is commonly defined to be 59th Street ; its southern boundary is less clear, and variously taken to be 34th Street , 23rd Street , or even 14th Street . Midtown spans the entire island of Manhattan along an east–west axis, bounded by the East River on its east and the Hudson River to its west. The Encyclopedia of New York City defines Midtown as extending from 34th Street to 59th Street and from 3rd Avenue to 8th Avenue. In addition to its central business district , Midtown Manhattan encompasses many neighborhoods, including Hell's Kitchen and Chelsea on

1995-554: Is considered to be the busiest transportation hub in the Western Hemisphere , servicing around 650,000 people per day. The Port Authority Bus Terminal , located at Eighth Avenue and 41st Street at the western edge of Midtown, is the city's main intercity bus terminal and the world's busiest bus station, serving 250,000 passengers on 7,000 buses each workday. The building opened in 1950 and had been designed to accommodate 60,000 daily passengers. A 2021 plan announced by

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2090-727: Is higher than the city's average of 87%. In 2018, 86% of residents described their health as "good", "very good", or "excellent", more than the city's average of 78%. For every supermarket in Midtown Manhattan, there are 11 bodegas . The nearest major hospitals are Mount Sinai West in Hell's Kitchen ; Beth Israel Medical Center in Stuyvesant Town ; the Bellevue Hospital Center and NYU Langone Medical Center in Kips Bay ; and NewYork–Presbyterian Hospital in

2185-505: Is higher than the median life expectancy of 81.2 for all New York City neighborhoods. Most inhabitants are adults: a plurality (45%) are between the ages of 25 and 44, while 22% are between 45 and 64, and 13% are 65 or older. The ratio of youth and college-aged residents was lower, at 7% and 12% respectively. As of 2017, the median household income in Community Districts 4 and 5 (including Chelsea and Hell's Kitchen )

2280-470: Is less than that of the city as a whole. The incarceration rate of 297 per 100,000 people is lower than that of the city as a whole. The 18th Precinct has a lower crime rate than it did in the 1990s, with crimes across all categories having decreased by 82.1% between 1990 and 2022. The precinct reported 1 murder, 22 rapes, 154 robberies, 185 felony assaults, 205 burglaries, 2,065 grand larcenies, and 116 grand larcenies auto in 2022. The 14th Precinct also has

2375-407: Is less than the city average of 14% of residents being smokers. In Midtown Manhattan, 10% of residents are obese , 5% are diabetic , and 18% have high blood pressure —compared to the citywide averages of 24%, 11%, and 28% respectively. In addition, 9% of children are obese, compared to the citywide average of 20%. Ninety-one percent of residents eat some fruits and vegetables every day, which

2470-496: Is located at 421 8th Avenue. The post office stopped 24-hour service in 2009 due to decreasing mail traffic. Midtown Manhattan generally has a higher rate of college-educated residents than the rest of the city as of 2018 . A majority of residents age 25 and older (78%) have a college education or higher, while 6% have less than a high school education and 17% are high school graduates or have some college education. By contrast, 64% of Manhattan residents and 43% of city residents have

2565-941: Is located in Midtown Manhattan. Haier operates its United States offices in the Haier Building at 1356 Broadway, formerly the headquarters of the Greenwich Savings Bank . Haier held the opening ceremony on March 4, 2002. Sumitomo Corporation operates its New York Office, the headquarters of the corporation's United States operations, at 600 Third Avenue, 10016 in the Murray Hill neighborhood. El Al 's North American headquarters are in Midtown. The Air France USA regional headquarters are in 125 West 55th Street in Midtown Manhattan. Hachette Book Group USA has its headquarters in 237 Park Avenue . In 1994 Alitalia considered moving its USA headquarters from Midtown to Lower Manhattan , but decided to keep

2660-1277: Is one of the world's leading financial centers. Midtown Manhattan is the one of the world's largest central business district , with 400 million square feet (37.2 million m ) of office space in 2018. Midtown contains the headquarters of major companies, including 4Kids Entertainment (formerly), Barnes & Noble , Bloomberg L.P. , Ernst & Young , Calvin Klein , Cantor Fitzgerald , CBS Corporation , Citigroup , Colgate-Palmolive , Cushman & Wakefield , DC Comics , Deloitte , Duane Reade , Estée Lauder Companies , Foot Locker , Frederator Studios , JPMorgan Chase , Hess Corporation , Kroll Inc. , L-3 Communications , Marsh & McLennan Companies , Marvel Entertainment , MetLife , MidOcean Partners , Morgan Stanley , Nasdaq, Inc. , NBCUniversal , The New York Times Company , NexCen Brands , Paramount Global , Pfizer , Polo Ralph Lauren , Saks Incorporated ( Saks Fifth Avenue ), The Sharper Image , Simon & Schuster , Six Flags , TBWA Worldwide , Thomson Reuters , Warner Bros. Discovery , Time Warner Cable , The Travelers Companies , and Univision Communications . The New York Institute of Finance

2755-490: Is part of 10001. Other areas between 14th and 34th Streets are covered by ZIP Codes 10003, 10009, 10010, and 10011, though these are generally not considered to be part of Midtown proper. There are also thirty-three ZIP Codes assigned to individual buildings or building complexes. The United States Postal Service operates six post offices in Midtown: The James A. Farley Station , the city's main post office,

2850-430: Is patrolled by the 14th Precinct, located at 357 West 35th Street. The precincts ranked 69th safest out of 69 patrol areas for per-capita crime in 2010. The high per-capita crime rate can be attributed to the low population of the area, as well as the high number of crimes committed against tourists. As of 2018 , with a non-fatal assault rate of 25 per 100,000 people, Midtown Manhattan's rate of violent crimes per capita

2945-409: Is the busiest transportation hub in the Western Hemisphere . Midtown Manhattan is the largest central business district in the world, and has been ranked as the densest central business district in the world in terms of employees, at 606,108 per square mile (234,020/km ). Midtown also ranks among the world's most expensive locations for real estate; Fifth Avenue in Midtown Manhattan has commanded

Paramount Plaza - Misplaced Pages Continue

3040-889: Is the central portion of the New York City borough of Manhattan , serving as the city's primary central business district . Midtown is home to some of the city's most prominent buildings, including the Empire State Building , the Chrysler Building , the Hudson Yards Redevelopment Project , the headquarters of the United Nations , Grand Central Terminal , and Rockefeller Center , as well as several prominent tourist destinations, including Broadway , Times Square , and Koreatown . Penn Station in Midtown Manhattan

3135-542: The Gershwin Theatre on the second floor and the smaller Circle in the Square Theatre in the basement. The building is named after its owner, the Paramount Group; it is not related to media conglomerate Paramount Global , which is headquartered nearby at One Astor Plaza but also has offices at Paramount Plaza. Under normal zoning regulations, the maximum floor area ratio (FAR) for any building on

3230-651: The Ladies' Mile , along Fifth Avenue from 14th to 23rd Street; and the Tenderloin , from 23rd to 42nd Street and from Fifth Avenue to Seventh Avenue . Important streets and thoroughfares The border of Midtown Manhattan is nebulous and further confused by the fact that the term "Midtown Manhattan" can be used to refer either to a district or a group of neighborhoods and districts in Manhattan: Midtown Manhattan, along with Lower Manhattan ,

3325-667: The Minskoff and American Place theaters, were constructed under the Special Theater District amendment of 1967 as a way to give their respective developers additional floor area. The Gershwin opened in 1972 as the Uris Theatre and contained 1,900 seats. Located at the second floor, the Gershwin was designed by Ralph Alswang in what was described as an Art Nouveau style. Escalators and a staircase lead from

3420-575: The New York City Fire Department (FDNY): The greater Midtown area between 14th Street and 59th Street contains seven additional fire stations. As of 2018 , preterm births and births to teenage mothers in Midtown Manhattan are lower than the city average. In Midtown Manhattan, there were 67 preterm births per 1,000 live births (compared to 87 per 1,000 citywide), and 4 births to teenage mothers per 1,000 live births (compared to 19.3 per 1,000 citywide). Midtown Manhattan has

3515-608: The New York Daily News to call it "the only New York skyscraper to call the 13th floor the 13th floor". Some offices were fitted with additional decorations; for example, accounting firm Touche, Ross, Bailey Smart added curving staircases between two of its five floors. Paramount Plaza has two Broadway theaters: the Gershwin Theatre and the Circle in the Square Theatre. Paramount Plaza's two venues, along with

3610-574: The New York Power Authority , law firm Brobeck, Phleger & Harrison , and the American Management Association . In 1999, Nickelodeon opened an animation studio for Nick Jr programs in the building. Paramount Group hired a consultant in late 1995 to study uses for the building's retail spaces. Subsequently, the stores were renovated and leased to three tenants in the late 1990s. Mars 2112 leased

3705-560: The Upper East Side . Midtown Manhattan is located within six primary ZIP Codes . West of Fifth Avenue, Midtown is located in 10018 between 34th and 41st Streets, 10036 between 41st and 48th Streets, and 10019 between 48th and 59th Streets. East of Fifth Avenue, Midtown is located in 10016 between 34th and 40th Streets, 10017 between 40th and 49th Streets, and 10022 between 49th and 59th Streets. The area southwest of Fifth Avenue and 34th Street, sometimes considered to be in Midtown,

3800-666: The Waldorf Astoria New York , which became the most expensive hotel ever sold after being purchased by the Anbang Insurance Group, based in China, for US$ 1.95 billion . In the same year, six of the top ten most expensive zip codes in the United States by median housing price were located in Manhattan, underscoring the borough's dominant position in the real estate market. When 450 Park Avenue

3895-680: The 1990s. These sunken plazas were among the few such examples in the city; others exist at Citigroup Center , 1221 Avenue of the Americas , and formerly at 1345 Avenue of the Americas and the General Motors Building . The plazas were accompanied by retail spaces that, due to their location, were hard to rent out. A 2000 study of privately owned public spaces in New York City ranked 1633 Broadway's plazas as "circulation" and "hiatus" spaces, which were not as unwelcoming as "marginal" spaces but also did not attract visitors from across

Paramount Plaza - Misplaced Pages Continue

3990-599: The Capitol Theatre and the land around it from the theater's owner, Loews Cineplex Entertainment . At the time, Uris was considering replacing the theater with an office building but had made no definite plans. In September 1967, Uris leased the Capitol site for 100 years and announced it would build an office tower and a Broadway theater on the site of the Capitol Theatre. The building was to have 1.65 × 10 ^  sq ft (153,000 m) across 51 stories, with

4085-693: The City University of New York, is located in Midtown South. Mercy College is situated at Herald Square . Pennsylvania Station and Grand Central Terminal are the two major railroad stations located in Midtown Manhattan. Penn Station serves Amtrak , NJ Transit , and the Long Island Rail Road (LIRR), while Grand Central serves the Metro-North Railroad and also serves the LIRR at Grand Central Madison . Penn Station

4180-626: The Port Authority would spend $ 10 billion to expand capacity and modernize the facility. The New York City Subway and MTA Regional Bus Operations each operate several routes that go through Midtown. Additionally, the PATH train to New Jersey terminates at 33rd Street and Sixth Avenue in Midtown. Traffic congestion is common, especially for crosstown traffic. In 2011, a new system of traffic light control, known as "Midtown in Motion"

4275-539: The Shuberts' objections, as did the Board of Estimate. The Capitol was closed on September 16, 1968, to make way for what is now Paramount Plaza. That month, Uris made a tentative deal with James M. Nederlander and Gerard Oestricher to operate the Uris Theatre, the larger of the building's two theaters. To fund the building's construction, Uris borrowed $ 62 million from a consortium of banks led by Irving Trust . Much of

4370-468: The Square theaters, and it does not have any stores. There are marquees for the theaters' entrances on both 50th and 51st Streets. A separate, parallel driveway for vehicles is immediately to the west; it can fit three lanes of traffic. There are also 200 parking spaces. The facade is made of tinted gray glass, separated by vertical aluminum mullions . The name of German financial services company Allianz

4465-598: The United Nations, and consulates-general accredited to the United States, in Midtown Manhattan. In addition, the Taipei Economic and Cultural Office of the Republic of China ( Taiwan ) is in Midtown Manhattan. New York Bank for Savings The Bank for Savings in the City of New-York was the fourth bank to be opened in the United States and the first savings bank in Manhattan. It was founded in 1816, although it

4560-433: The United States achieved completion in Midtown Manhattan, at a selling price of US$ 238 million, for a 24,000 square feet (2,200 m ) penthouse apartment overlooking Central Park at 220 Central Park South . The COVID-19 pandemic and hybrid work models have prompted consideration of commercial-to-residential conversion within the neighborhood's real estate sector. In August 2023, Mayor Eric Adams announced

4655-666: The West Side, and Murray Hill , Kips Bay , Turtle Bay , and Gramercy Park on the East Side. It is sometimes broken into "Midtown East" and "Midtown West", or north and south as in the New York City Police Department 's Midtown North and Midtown South precincts. Neighborhoods in the Midtown area include the following: Midtown is the original district in the United States to bear the name and included historical but now defunct neighborhoods such as

4750-479: The area began to evolve into a business district. In 1966, the year before plans for the Uris Building were announced, companies had signed leases for 7 × 10 ^  sq ft (650,000 m) of office space in Manhattan, the highest level in several years. The amount of office space being developed at the time was not sufficient to meet demand. The Uris Buildings Corporation bought an option in April 1967 to acquire

4845-507: The brightly illuminated hub of the Broadway Theater District , is a major center of the world's entertainment industry. Sixth Avenue also has the headquarters of three of the four major U.S. television networks . Midtown is part of Manhattan Community District 5 . It is patrolled by the 14th and 18th precincts of the New York City Police Department . Geographically, the northern boundary of Midtown Manhattan

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4940-436: The building at $ 2 billion. Paramount increased its ownership stake from 51 to 75 percent, with Beacon owning the remaining 25 percent. Paramount then marketed a partial ownership stake in the building. Additionally, the owners hired Phillips Group in 2011 to renovate the lobby. Music conglomerate Warner Music Group leased six floors in 2013, and Kasowitz Benson Torres renewed its lease the same year. Paramount continued to own

5035-682: The building in October 1976 to a private investment group. The buyer, Metropolitan Realty Investments, paid $ 80 million; it represented the Otto family of Germany, which operated in the United States under the Paramount Group name. Sears announced in 1978 that it would relocate most of its 2,000 employees at the Uris Building to the Sears Tower in Chicago. The next year, the United States Postal Service announced it would move

5130-500: The building opened in August 1971. The building went into foreclosure in May 1974, just two years after it was completed, and the Paramount Group bought a majority ownership stake in the building in 1976. J.   C. Penney and Sears initially took up much of the building's space, though the subsequent tenants came from a wider variety of fields, including law and finance. The retail space and plazas have been renovated multiple times during

5225-490: The building's history. The Paramount Group and several banks jointly owned the building until 2011, when Beacon Capital Group acquired a partial ownership stake; Paramount assumed full ownership in 2015. Paramount Plaza is on 1633 Broadway , near Times Square , in the Theater District of Midtown Manhattan in New York City . The land lot takes up the eastern part of the city block bounded by Eighth Avenue to

5320-482: The building's other office tenants during the decade were New American Library and the Federal Mediation and Conciliation Service . In 1987, J. C. Penney indicated that it intended to move all of its New York City employees to Dallas, freeing up a large amount of office space at Paramount Plaza; the relocation was completed by 1994. Landscape architect Thomas Balsley redesigned the building's public plaza in

5415-613: The building, which was finalized the next February. Deloitte announced in early 2016 that it would vacate a 212,000 sq ft (19,700 m) section of the building. Several office tenants signed leases in the late 2010s, including the Clinton Foundation , newspaper company Gannett , database company MongoDB , and investment manager New Mountain Capital. The building was refinanced in November 2019 for $ 1.25 billion,

5510-606: The capacity by relocating columns and replaced steps with ramps. The top of the auditorium contains soundproof panels, which minimized noise from police horses when the theater opened. The Circle contains a thrust stage , with seats surrounding it on three sides. It is one of two Broadway houses with a thrust stage; the other is Lincoln Center 's Vivian Beaumont Theater . Because of the stage's unconventional design, theatrical critics negatively reviewed it, while directors had difficulty staging productions there. After World War II, development of theaters around Times Square stalled, and

5605-401: The center and with nearby academic, medical, and research institutions. The New York City Economic Development Corporation 's Early Stage Life Sciences Funding Initiative and venture capital partners, including Celgene , General Electric Ventures, and Eli Lilly, committed a minimum of US$ 100 million to help launch 15 to 20 ventures in life sciences and biotechnology. Real estate is

5700-434: The charitable impetus behind the entity's formation: "Among the many philanthropic institutions with which your country abounds, there is none that appears to me more likely to be useful than Savings Banks. They are certainly most admirably calculated to be beneficial to the poor, by promoting among them a spirit of independence, economy and industry." The bank's first location was at Chambers Street. The site became famous as

5795-412: The city or the neighborhood. The southern sunken plaza has an entrance to the 50th Street station of the New York City Subway , served by the 1 train. The theme restaurant Mars 2112 had opened within the northern sunken plaza in November 1998 and closed in January 2012. It contained a UFO -like elevator, a "Mars Bar", a "Space Arcade", and a three-story Crystal Crater. After Mars 2112 closed,

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5890-522: The city's largest office transactions in several years, Sears, Roebuck and Company leased eleven stories for its sales division in January 1973, moving in the next year. City officials praised the lease, which was expanded in November 1973 to 15 stories, as part of a revitalization of the Times Square neighborhood. Meanwhile, after Percy Uris had died in 1971, his brother Harold began negotiating to sell off all his company's assets, including 1633 Broadway. By late 1973, National Kinney Corporation had bought

5985-411: The citywide average of 20%. Additionally, 92% of high school students in Midtown Manhattan graduate on time, more than the citywide average of 75%. There are no public elementary or middle schools in Midtown. The New York City Department of Education operates the following public high schools in Midtown, serving grades 9–12: Private schools include The Beekman School , Rebecca School , and

6080-608: The combined bank to open more branches, as savings banks in New York were typically limited to five branches, but savings banks created from the merger of multiple banks were allowed to have as many branches as their predecessors did. The New York Bank for Savings was allowed to have 10 branches, and its tenth branch opened in 1966. Among its founders and first directors were Thomas Eddy , William Bayard Jr. , DeWitt Clinton , Archibald Gracie , Cadwallader D. Colden , John Pintard , Matthew Clarkson , Peter Augustus Jay and Brockholst Livingston . Although many credit Eddy with founding

6175-431: The deal initially failed in mid-1971. The building officially opened in August 1971. A theatrical hall of fame for the Uris Theatre was announced in March 1972, as the building was being completed. The Circle in the Square Theatre in the basement opened for inspection on October 2, 1972, and had its first performance on November 15. The Uris Theatre on the building's second floor opened on November 19 of that year. In one of

6270-420: The first completely new Broadway theaters since the Mark Hellinger Theatre was completed in 1930. The CPC approved the theater amendment that November, and the New York City Board of Estimate gave final approval to the proposal the next month. The Uris Buildings Corporation agreed in February 1968 to build a second theater, the Circle in the Square Theatre, in the basement upon the CPC's request. The new theater

6365-441: The ground floor to the Gershwin Theater's second-floor lobby, which contains the American Theater Hall of Fame . The Gershwin's seats are spread across two levels: an orchestra and a smaller mezzanine. The stage was designed with a flexible layout and could be disassembled or extended forward. The Gershwin was the first commercial theater in the U.S. to have a completely automated rigging system. The Nederlander Organization operates

6460-402: The institution, Bayard served as the bank's first president. Other famous directors included Frederic James de Peyster , a prominent soldier and philanthropist; and politician Hamilton Fish , who stepped down from the board when he became U.S. Secretary of State. It merged with the Buffalo Savings Bank in 1982 and its name was subsequently changed to Goldome. It failed in 1991, along with

6555-520: The late 1960s, the Capitol was one of Broadway's last major movie palaces, as many of the other movie palaces in the area had been demolished, including the Roxy and the Paramount . Next to the theater was a four-story building with a branch of the New York Bank for Savings . Paramount Plaza, originally known as the Uris Building, was developed by the Uris Buildings Corporation and designed by Emery Roth . The 669 ft-tall (204 m) tower has 48 stories. Paramount Plaza has two Broadway theaters:

6650-431: The late 1980s, as the plaza had been fairly unsuccessful despite the presence of retail tenants. Balsley added landscaping and benches to the ground-level portion of the plaza, and he added fountains, staircases, and new lighting and floor surfaces to the sunken plazas. The redesign took more than two years. The Rodgers & Hammerstein Organization and the Really Useful Group leased space in Paramount Plaza in 1990. At

6745-510: The neighborhood was 64.1% (18,351) White , 4.6% (1,310) African American , 0.1% (34) Native American , 20.8% (5,942) Asian , 0% (8) Pacific Islander , 0.3% (92) from other races , and 2% (569) from two or more races. Hispanic or Latino residents of any race were 8.1% (2,324) of the population. The entirety of Community District 5, which comprises Midtown Manhattan, had 53,120 inhabitants as of NYC Health 's 2018 Community Health Profile, with an average life expectancy of 84.8 years. This

6840-496: The northern plaza, Cosi Sandwiches leased a ground-floor storefront, and fitness club Equinox took space in the concourse and sub-concourse. Law firm Kasowitz, Benson, Torres & Friedman leased space at 1633 Broadway for its global headquarters in 2000, and financial firm FleetBoston also rented three stories. Other tenants included the Bank of America , which had a trading floor there. During that decade, Paramount Plaza contained

6935-720: The offices where they were at the last minute. Global Infrastructure Partners has an office in Midtown Manhattan. Silicon Alley , the common metonym for New York City's high tech sector, is based in Midtown South , specifically the Flatiron District . Prominent Silicon Alley companies in Midtown include AppNexus , Blue Apron , Gilt , Betterment , Oscar , SoFi , Rent the Runway , Warby Parker , and WeWork . The technology sector has been expanding across Midtown Manhattan since 2010. The biotechnology sector

7030-522: The real-estate community generally accepted. The vacancy rate at the Uris Building was 30 percent. Irving Trust and the other lenders launched foreclosure proceedings in March 1974, the first time in a decade that a new office building in New York City had been foreclosed upon. Two months later, the lenders paid nearly $ 69 million for the bankrupted building. Harold Uris had opposed the foreclosure proceeding, saying: "Hell would freeze over before I would have let

7125-496: The retail space in Paramount Plaza's glass cube; however, the restaurant's opening was not announced until 2024. Amid fears that many of Paramount Plaza's tenants could leave or pay lower rents once their leases expired, Fitch Ratings reduced the credit rating of Paramount Plaza's mortgage in 2024. As of October 31, 2019, the building was 98.4% leased to tenants including: Midtown Manhattan Midtown Manhattan

7220-492: The south. The building has a slab-like massing , rising straight from street level to the roof, 669 ft (204 m) above ground. The facade is covered in dark glass and carries the name of German company Allianz near the roof. There is a sunken plaza on the eastern side of the building, leading to the 50th Street station of the New York City Subway , as well as a pedestrian corridor and driveway under

7315-669: The south; and One Worldwide Plaza to the southwest. Since 1998, the section of 50th Street between Eighth Avenue and Broadway has been named Gershwin Way, after brothers and musical writers George and Ira Gershwin . In the early 20th century, Paramount Plaza's site was occupied by low-rise buildings such as Kerrigan's Cafe. This was replaced by the Capitol Theatre , a movie palace built in 1919. The theater originally had 5,300 seats, but subsequent renovations reduced it to 1,325. The six-story theater building contained offices as well. By

7410-526: The space had been rented by November 1969. Among the early tenants with several floors of space were accounting firm Touche, Ross, Bailey Smart; automotive appliance manufacturer Bendix International ; and the New York Telephone Company . Even so, the inclusion of theaters inside the Uris Building raised construction costs, even as office tenants were scarce. By 1970, a combined 5 × 10 ^  sq ft (460,000 m) of office space

7505-417: The structure in partnership with Beacon until 2015, when Paramount bought Beacon's 25 percent stake for $ 478.3 million. The same year, toy store FAO Schwarz was negotiating to lease some retail space in 1633 Broadway, but the deal failed. Paramount then announced plans to replace the northern sunken plaza with a glass retail cube. In late 2015, Landesbank Baden-Württemberg gave Paramount a $ 1 billion loan for

7600-538: The theater. The Circle in the Square Theatre contains 650 seats and is in the building's basement. It was designed by Allen Sayles, with a lighting system designed by Jules Fisher . The Circle operates its own venue, which was originally known as the Circle in the Square–Joseph E. Levine Theatre. The space was originally meant as an off-Broadway house with fewer than 500 seats, but the Circle's artistic director Theodore Mann and its managing director Paul Libin increased

7695-497: The theaters allowed the Uris Buildings Corporation to add four more stories than would typically have been allowed. At the base of Paramount Plaza runs a promenade that connects 50th and 51st Street. The promenade measures 28 ft (8.5 m) tall and 50 ft (15 m) wide, with a terrazzo floor and advertisements on the walls. The promenade also functions as an entrance to the Gershwin and Circle in

7790-646: The time, the building had few tenants in the music industry, even though many music-related companies had historically been headquartered nearby in the Brill Building. Deloitte , one of the Big Four accounting firms , moved its global headquarters there after the 1993 World Trade Center bombing . It subsequently subleased 500,000 sq ft (46,000 m) to Paramount Communications ' parent company Viacom . Other tenants during that decade included financial firm Morgan Stanley , cable TV network Showtime ,

7885-582: The tower's site was 15, but the developers received two bonuses of 20 percent each, bringing the FAR to 21.6. The developers had to include privately owned public spaces at the building's base for the first bonus, and they built new theaters for the second bonus. The Gershwin and Circle in the Square Theatres were built under a 1968 regulation that allowed office buildings to include a legitimate theater in exchange for additional floor area. The inclusion of

7980-614: The venue where the first Egyptian mummy was displayed in the United States in 1824. The bank moved to Bleecker Street on April 10, 1856, and became familiarly known as the Bleecker Street Savings Bank. During the Civil War , the bank was reputed to be a bellwether of the nation's prosperity. It held more than $ 11 million and boasted the largest number of working-class depositors in New York state. Following

8075-604: The west, 50th Street to the south, Broadway to the east, and 51st Street to the north. The lot covers 90,000 sq ft (8,400 m), with a frontage of 200 ft (61 m) on Broadway and 450 ft (140 m) on 50th and 51st Streets. Nearby buildings include the Mark Hellinger Theatre ( Times Square Church ) to the north; the Winter Garden Theatre to the east; The Theater Center , Brill Building , and Ambassador Theatre to

8170-469: The western side. The driveway and corridor lead to the building's two Broadway theaters: the 1,900-seat Gershwin Theatre on the second floor and the 650-seat Circle in the Square Theatre in the basement. The Uris Buildings Corporation leased the site of the Capitol Theatre in 1967 and proposed a skyscraper on the site. The two Broadway theaters were included in exchange for additional floor area, and

8265-509: The world's highest retail rents and is the most expensive shopping street in the world. Midtown Manhattan is the country's largest commercial, entertainment , and media center, and is also a growing financial and fintech center. Many of New York City's skyscrapers , including its tallest hotels and apartment towers , are located in Midtown Manhattan. The neighborhood hosts commuters and residents working in its offices, hotels, and retail establishments, tourists and students. Times Square,

8360-403: Was $ 101,981, though the median income in Midtown individually was $ 120,854. In 2018, an estimated 11% of Midtown Manhattan residents lived in poverty, compared to 14% in all of Manhattan and 20% in all of New York City. One in twenty residents (5%) were unemployed, compared to 7% in Manhattan and 9% in New York City. Rent burden, or the percentage of residents who have difficulty paying their rent,

8455-515: Was announced, with the aim of reducing traffic congestion. Approximately 750,000 vehicles enter Midtown Manhattan on a fall business day. According to the 2011 Traffic Data Report for New York State, 777,527 vehicles a day went through select toll facilities into Manhattan. The New York Supreme Court, Appellate Division , First Department, is located at the Appellate Division Courthouse at 25th Street and Madison Avenue

8550-439: Was being developed along Broadway in Midtown, much of which stood vacant due to a slowdown in office leasing. That December, the city's Department of Air Resources issued summonses to several contractors at the Uris Building after the department found that contractors were spraying asbestos fireproofing in violation of environmental laws. Sears, Roebuck and Company sought to lease much of the building's remaining office space, but

8645-602: Was completed in 1900 by architect James Brown Lord , who used a third of the construction budget to decorate the building with statues and murals. The Puerto Rico Federal Affairs Administration operates its New York office on the 22nd floor at 135 West 50th Street . Several countries, including Algeria , Argentina , The Bahamas , China , Costa Rica , Germany , Ireland , Israel , Jamaica , Japan , Luxembourg , Mexico , Morocco , Saudi Arabia , Singapore , South Africa , South Korea , United Kingdom , and Ukraine , have Permanent Missions accredited to

8740-523: Was moving its North American headquarters from Midtown to Melville , New York , in Suffolk County on Long Island . Based on data from the 2010 United States Census , the population of Midtown Manhattan was 28,630, a change of 2,823 (9.9%) from the 25,807 counted in 2000 . Covering an area of 692.81 acres (280.37 ha), the neighborhood had a population density of 41.3 inhabitants per acre (26,400/sq mi; 10,200/km ). The racial makeup of

8835-616: Was not incorporated by the New York State Legislature until March 16, 1819. First publicly advertised as "A Bank for the Poor", it was modeled after similar institutions in Europe; its stated purpose was to "effect a secure place of deposit for the earnings of the laboring part of the community: and at the same time to give them the benefit of an accumulation of interest". " One of the bank's founders, Thomas Eddy , explained

8930-588: Was originally supposed to be an experimental theater with 300 to 375 seats, but this was then increased to 650 seats. In April 1968, the CPC scheduled a public hearing to determine whether the Astor and Uris theater permits should be approved. Six parties testified in favor; the Shubert Organization , the largest operator of Broadway theaters, was the only dissenting speaker. The CPC approved the theaters over

9025-408: Was sold on July 2, 2007, for US$ 510 million, about US$ 1,589 per square foot (US$ 17,104/m ), it broke the barely month-old record for an American office building of US$ 1,476 per square foot (US$ 15,887/m ) based on the sale of 660 Madison Avenue . In 2014, Manhattan was home to six of the top ten zip codes in the United States by median housing price. In 2019, the most expensive home sale ever in

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