Walk into the center of the world—or at least the place that feels like it—and look up. You’re staring at One Times Square. It is the skinny, 25-story skyscraper that serves as the centerpiece for the New Year's Eve ball drop. But here’s the weird part. If you try to go inside to find a mall, an office, or even a bathroom, you basically can’t. For decades, this massive monolith in the heart of Manhattan has been almost entirely vacant. It is a ghost ship made of steel and concrete, wrapped in the world's most expensive digital wallpaper.
Most people assume the building is full of bustling tech startups or high-end condos. It isn't. Not really. For a long time, the only "tenant" was a Walgreens on the ground floor. The rest of the floors were gutted, filled with dust, or used for storage. Why? Because the owners realized something fascinating back in the 90s: the outside of the building is worth significantly more than the inside.
The Weird History of One Times Square
It wasn't always a giant billboard. When it opened in 1904, it was the headquarters of The New York Times. In fact, that's why the area is called Times Square. Before that, it was Longacre Square—a place for horse carriages and stables. Adolph Ochs, the publisher of the paper, built this narrow tower to show off. He even started the tradition of the New Year's Eve fireworks, and later the ball drop, just to get people to look at his building.
It worked. Too well, maybe.
The Times actually moved out pretty quickly, heading to a larger space on West 43rd Street by 1913. Since then, the building has gone through several identities. It was the Allied Chemical Tower in the 60s, where it got that "modern" marble facade that stripped away its original ornate Gothic detail. That was a bit of an architectural tragedy, honestly. Critics hated it. They called it "bloodless." But the building didn't care. It was just waiting for the digital age to arrive.
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Why Nobody Lives There (And Why That’s Changing)
You have to understand the physics of the site. One Times Square sits on a tiny, trapezoidal plot of land where Broadway and Seventh Avenue intersect. It’s narrow. Very narrow. The floor plates are small. For a modern office tenant, it’s a nightmare. You can’t fit enough desks, the elevators take up too much room, and the noise from the street is constant.
Jamestown, the real estate investment firm that bought the building in 1997 for about $117 million, did the math. They realized that by leaving the building empty, they saved a fortune on HVAC, plumbing, and maintenance for thousands of employees. Meanwhile, the revenue from the digital screens—the "spectaculars"—was pulling in tens of millions of dollars a year. It was a giant, vertical profit machine that didn't need people to function.
But 2026 is looking a lot different for this old tower. If you’ve been through the area lately, you’ve seen the scaffolding. A $500 million massive redevelopment is currently turning this "hollow" building into a legitimate destination.
The New Vision
- A 12-floor immersive "brand experience" where companies can set up temporary high-tech showrooms.
- A new viewing deck that will finally allow tourists to look out from behind those giant LED screens.
- A museum dedicated to the history of Times Square and the New Year's Eve celebration.
- Enhanced "Backstage" access to the actual ball-lowering mechanism.
The Economy of Attention
Let's talk money. Advertisers pay a premium to be on this specific building. We’re talking $1 million to $4 million a year per screen, depending on the size and tech. During New Year’s Eve, those rates skyrocket. It’s the most photographed building in the world. When a K-pop star’s birthday is celebrated on one of these screens, the social media impressions alone justify the cost.
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It’s a unique business model. Usually, real estate is about "price per square foot" of usable space. Here, it’s about "price per eyeball." Jamestown has basically turned a piece of 1904 architecture into a 21st-century software platform.
What Most People Get Wrong About the Ball Drop
People think the "ball" lives at the top of the building year-round in its "dropped" position. Not exactly. The actual Waterford Crystal ball sits on a special platform on the roof. It’s actually quite small when you see it up close compared to the scale of the building—about 12 feet in diameter. It’s covered in 2,688 crystal triangles and powered by over 32,000 LEDs.
The "drop" is only 70 feet. It takes exactly 60 seconds. It’s a mechanical feat that is still partly manual, coordinated with atomic clocks to ensure that the "0" hits exactly at midnight. If you're standing on the street, you're usually too far away to see the complexity of the rig, but from the roof, it’s a high-stakes engineering dance.
Visiting One Times Square Today
If you’re planning to visit right now, be prepared for construction. The building is largely shrouded as the new observation deck and interior spaces are being finalized. You can still see the screens—they never turn those off—but the "experience" isn't fully open to the public yet.
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Once the redevelopment is finished, it’s going to be one of the most ticketed spots in the city. Think about the "Edge" at Hudson Yards or "Summit One Vanderbilt." One Times Square is trying to compete with those, but with the added "cool factor" of being at the literal center of the map.
Practical Tips for the Area
- Don't eat right in front of the building. Walk three blocks west to Hell's Kitchen. You'll save $20 and get better food.
- The "Best View" is from the North. Stand near the TKTS red stairs and look south. That's the iconic "bowtie" shot of the building.
- Watch out for the characters. People in off-brand Elmo suits will try to take a photo with you. They want money. A lot of it. Just keep walking.
- Subway Access. The Times Square-42nd St station is underneath the building. It’s a maze. If you get lost, just look for the "S" shuttle or the 1/2/3 lines.
One Times Square is a survivor. It survived the decline of the neighborhood in the 70s, the digital revolution, and the total shutdown of the city during the pandemic. It’s a weird, skinny, glowing testament to the fact that in New York, even a building with no people inside can be the most important place on earth.
Actionable Steps for Your Visit
If you want to experience One Times Square beyond just taking a selfie, start by visiting the TSQ MKT kiosks nearby to see what local vendors are doing. Check the official Times Square website for "Screening Times"—sometimes they do synchronized digital art displays across all the screens, including One Times Square, which is way cooler than just seeing a Coca-Cola ad. If you're there for New Year's, remember that people start lining up at 10:00 AM. If you aren't in a pen by 2:00 PM, you aren't seeing the building. Lastly, keep an eye on the Jamestown LP announcements for the official grand reopening date of the observation deck; tickets will likely sell out months in advance for the inaugural season.