before TIXE at 113 W 42nd Street

Once upon a time...

from WHITE-ORR'S 1930 CLASSIFIED BUSINESS DIRECTORY--NEW YORK CITY SECTION
ACCOUNTANTS, CERTIFIED PUBLIC
Baylis H.C., 113 W. 42nd. Tel. Bryant 0841

Townhouse Management Company has begun construction to create luxury residences, a hotel and gourmet' restaurant at 113 W. 42nd St., an existing 22 story, 50,000 SF tower located on the northwest side of 42nd Street and Sixth Avenue, not far from Broadway. Isaac Mizrahi, the noted fashion designer, and H. Thomas 0 'Hara, a distinguished architect, have been retained to provide the project's creative direction.

Plans presently filed with the city call for 27 apartments consisting of 18 one-bedroom units, eight studio units and a triplex penthouse. (Alternate plans permit the creation of full-floor and duplex units.) A number of the units will have views of Bryant Park,. both rivers, and Times Square, and all will be fully equipped with the latest in fiber optics and home control units. The building will have a 24-hour, concierge-attended lobby, a full-floor spa, a gymnasium, and a fashionable 4,000 SF ground-floor restaurant offering three meals a day and room service. The condominiums and restaurant are expected to be completed by next summer, becoming an integral part of Times Square's revitalization.

The apartments, which .are expected to attract corporate as well as individual buyers, will range from 532 square feet for the smallest studio to 850 SF for the largest one bedrooms to over 4,000 SF square feet for the penthouse. Several apartments will have a balcony or terrace. The developers have applied for permission from the New York State Department of Law to conduct a market test for the units. (This is not an offer of the apartments for sale. Apartments will be offered for sale only by a prospectus approved by the Attorney General).

Asking prices range from $691,000 to over $5 million for the three-bedroom penthouse with terraces. Model apartments designed by Mizrahi will be available for viewing in the fall. Apartments are expected to be ready for occupancy in the spring of 2002.

The Maidmans are considering marketing all or part of the building as super-luxury hotel units designed by Mizrahi. The lobby, apartments and hotel rooms would incorporate the energetic colors, witty touches and sleek, classic, modem lines that are the hallmark of Mizrahi's designs.

William Maidman, the patriarch of the Maidman family, purchased the building in 1952. Richard Maidman, William's son and Chairman of Townhouse Management, said that this project has been too long in the waiting.

"The building was vacated in 1971 as part of Seymour Durst's (Douglas father) grand West Side development scheme, but he failed to close on that contract," said Richard Maidman.

"Since that time, we've been waiting for Times Square's renaissance."

William's grandson, Mitchel Maidman, the Chief Operating Officer of Townhouse Management, praised this project because it "fulfills the Maidmans longheld aim to contribute to the revitalization that is underway in the Times Square area."

The existing tenant at 113 West 42nd Street, an adult bookstore, will be permanently closed this summer, leaving only one adult bookstore on 42nd Street east of Times Square (in a building 'controlled by Durst's Royal Realty Corp.)

Then, in December of 2001, The Maidman's sold their 22-story office tower to Developer Douglas Durst.

The key piece completed a mid-block assemblage for a 1.5 million square-foot "ultra energy-efficient" office tower being designed by Fox & Fowle. It could now be developed by Durst and Jerry Speyer's Tishman-Speyer starting spring 2004 with occupancy in 2006.

But before they could begin construction, there were some other details they had to take care of.

While those details were in the works, the 22-story office tower was dis-assembled from the inside. Scaffolding was erected, and through the magic of Big Apple Wrecking, the building slowly disappeared.

By March 2003, all that was left was a space with two floors, an amazing HVAC system, and a lot of moisture.

The Durst Organization donated the space to chashama, for them to use until March 2004.
chashama, already managing four spaces for producing and presenting art on 42nd street, put out a call for proposals to use the space.

Janusz Jaworski, an artist in residence at chashama, presented his plans for a Gallery, Installation Gallery, Performance, and Studio Space.

He received the keys to 113 W 42nd Street on June 15th, 2003, and TIXE opened July 31st, 2003

P.S.
The $12.5 million price tag for the 2,200 square-foot land parcel is one of the highest land prices ever paid for a development, totaling around $5,000 a square foot.

If you have any information about the businesses, or personal stories about 113 W 42nd Street, please share them with me.