Tishman Takes Wraps off of It's Times Square Hotel

Northeast bureau chief Glen Thompson contributed to this story.

NEW YORK CITY-Tishman Realty & Construction Co. pulled out all the stops this morning with a lavish party for the opening of its $300-million Westin New York at Times Square. On hand to celebrate the opening were New York City mayor Michael Bloomberg and Empire State Economic Development Corp. chairman Charles Gargano.

Bloomberg noted that the 863-room development is “the largest ground-up hotel development” to rise in the city in 17 years, while Gargano hailed the project for its now-and-future economic firepower.

The development took 2,000 construction workers, Gargano pointed out, noting that “This is only the beginning of the hotel’s economic impact. It is projected that over the next 20 years, the hotel will generate more than $297 million in occupancy and sales taxes and pay $50 million in ground rent.” The Westin is under a 99-year ground lease with the city and state. In addition, the hotel is expected to be responsible for 600 permanent hotel-related jobs.

The property, adjacent to Tishman’s 200,000-sf E Walk, will include entertainment and retail facilities including Shula’s Steakhouse, Bar 10 cocktail lounge and Cosi sandwich shop. Miami-based architect Arquitectonica designed the project.