Times Square is basically a sensory assault. You’ve got the naked cowboys, the aggressive Elmos, and enough LED light to be seen from Mars. But if you stop looking at the costumed characters for a second and look up at the corner of 47th Street, you’re staring at 701 Seventh Avenue New York NY. Most tourists just call it "the place with the giant screen." Real estate nerds and business insiders call it 20 Times Square.
It’s a weird building. Honestly, it’s one of the most fascinating examples of how Manhattan real estate actually works—or sometimes doesn't.
For years, this spot was kind of a ghost. Not literally, but it was an underutilized patch of some of the most expensive dirt on the planet. Then, a few years back, a massive $1.1 billion development project turned it into a mixed-use behemoth. We’re talking about a 42-story tower that houses the Times Square EDITION hotel, a massive Hershey’s Chocolate World, and a literal acre of LED signage.
The Screen That Ate 47th Street
Let's talk about that screen first because you can't miss it. It’s a 18,000-square-foot behemoth wrapped around the facade. It’s not just a TV; it’s a Statement.
When the developers, led by Witkoff Group and Winthrop Realty Trust, kicked this off, they knew the real money wasn't just in the hotel rooms. It was in the pixels. In Times Square, signage isn't an afterthought. It's the anchor tenant. The signage at 701 Seventh Avenue New York NY is a massive driver of the building's valuation. Brands pay millions for the privilege of being the backdrop for ten thousand tourist selfies an hour.
But here’s the thing people get wrong: they think a building like this is a "sure thing" because it’s in Times Square. It wasn't. The project was plagued by delays and complex financing. If you look at the history of the site, it involved clearing out old structures and navigating the nightmare of New York City construction permits while millions of people walked past the front door every day. It's a logistical miracle that it exists at all.
Inside the EDITION: Luxury in a Neon Jungle
If you walk inside, the vibe shifts instantly. You go from the chaotic, humid energy of Seventh Avenue into the hyper-curated, minimalist world of the EDITION. This is a Marriott brand, but it’s the "cool" Marriott, birthed from a partnership with Ian Schrager. Schrager is the guy who basically invented the boutique hotel concept with Studio 54 and the Hudson Hotel.
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The hotel at 701 Seventh Avenue New York NY has about 452 rooms. It’s funny because you’re in the middle of the loudest place on earth, but the rooms are designed to be these silent, white-oak sanctuaries.
- The Terrace and Outdoor Gardens: This is the real gem. There’s a massive outdoor space overlooking the madness.
- The Paradise Club: It’s a performance venue that feels like a fever dream of old-school cabaret mixed with modern tech.
- 701 West: The fine-dining spot that tried to bring actual culinary cred to a neighborhood mostly known for Olive Garden and Bubba Gump Shrimp.
People often ask if it's worth the price. Honestly? It depends on if you like being in the center of the hurricane. If you want to walk out your front door and be at a Broadway show in three minutes, there isn't a better spot. If you hate crowds, you’ll probably find it a bit much.
The Business Reality: Foreclosures and High Stakes
You can't talk about 701 Seventh Avenue New York NY without talking about the drama. Real estate is a contact sport in New York.
A few years ago, the building actually faced a massive foreclosure. Imagine owning a billion-dollar building and losing the keys. A group of lenders, including Natixis, ended up taking control of the property after the original developers struggled with debt payments. It was a huge story in the Wall Street Journal and The Real Deal.
Why did it happen?
- Construction Costs: Building in Times Square is expensive. Shockingly expensive.
- Retail Shifts: While Hershey’s is a massive success, filling 76,000 square feet of retail space is a tall order, even in NYC.
- Timing: The hotel opened just before the world shut down in 2020. Talk about bad luck.
Despite the financial musical chairs, the building is still there. It’s still shining. It’s a testament to the fact that in Manhattan, certain locations are "too big to fail." The lenders didn't tear it down; they stabilized it because the land at 701 Seventh Avenue New York NY is basically a gold mine that happens to have a hotel on top of it.
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What’s Actually Happening There Now?
If you go there today, the building is thriving in a way it wasn't three years ago. The Hershey's Chocolate World is basically a temple to sugar. You’ve probably seen the videos of the customized candy bars. It’s one of the highest-grossing retail spots per square foot in the city.
Then there’s the NFL Experience that used to be there—that didn't last. It’s a reminder that even "can't-miss" brands can miss in the hyper-competitive Manhattan market. Now, the focus is much more on the hotel's nightlife and the high-end dining experiences.
The sheer scale of the engineering is what gets me. The building uses a massive amount of steel to support that wrap-around LED screen without blocking the views from the hotel rooms behind it. It’s a delicate dance of architecture and advertising.
Is 701 Seventh Avenue "The" Times Square?
Sort of.
When people think of Times Square, they usually think of One Times Square (where the ball drops). But 701 Seventh Avenue New York NY is actually the more modern face of the neighborhood. It represents the "Disney-fication" or the "Luxury-fication" of the area. It’s not the gritty New York of the 70s. It’s clean, it’s high-tech, and it’s very, very expensive.
For a business traveler, it’s a hub. For a tourist, it’s a landmark. For a local? Honestly, most locals try to walk past it as fast as possible to avoid the tourists, but even the most jaded New Yorker has to admit that the view from the EDITION’s terrace is pretty spectacular.
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Navigating the Area Near 701 Seventh Avenue
If you're heading to the building, don't just stare at the screen. Use the side entrances on 47th Street to avoid the worst of the sidewalk traffic. Most people clog up Seventh Avenue.
The subway situation is actually great. You’ve got the N, R, W lines right there at 49th St, and the 1, 2, 3 lines at 42nd St are just a short walk away. Just don't try to take a Lyft or Uber right to the front door during rush hour. You will sit in traffic for thirty minutes just to move one block. Walk. It’s faster.
Putting It All Together
701 Seventh Avenue New York NY is a survivor. It survived a complex birth, a massive financial restructuring, and a global pandemic. It stands as a 42-story pillar of what makes New York real estate so insane: the intersection of high finance, luxury hospitality, and unapologetic commercialism.
If you're looking to understand the modern NYC skyline, you have to look at this building. It’s not a historical landmark like the Empire State Building, but it’s a landmark of the now. It tells you everything you need to know about where the city's money is flowing.
Real-World Takeaways for Your Visit or Investment Research
- For Travelers: The EDITION is the play if you want luxury without the "stuffy" feel of the Plaza. Book a high-floor room to get above the noise.
- For Retail Enthusiasts: Watch the Hershey store. It’s a masterclass in experiential retail. They aren't just selling chocolate; they're selling an "event."
- For Real Estate Students: Study the Natixis foreclosure of 2021. It’s a perfect case study on mezzanine debt and the risks of high-leverage development in prime markets.
- For Tech Nerds: The LED display is actually one of the highest-resolution screens of its size in the world. It’s worth standing across the street just to see the refresh rate and color depth.
If you find yourself standing on the corner of 47th and 7th, look up. You aren't just looking at a hotel or a screen. You're looking at a billion-dollar bet on the future of New York City. It’s a bet that, despite all the drama, seems to be paying off.
To get the most out of this specific pocket of Manhattan, walk three blocks north to Rockefeller Center after your visit to compare the "Old New York" corporate style with this new-age "Attention Economy" architecture. The contrast is wild. Also, check the hotel’s event calendar—the Paradise Club often hosts "invite-only" style shows that are accessible if you know which concierge to ask.