One Worldwide Plaza

One Worldwide Plaza is the largest tower of a three-building, mixed-use commercial and residential complex in the Hell's Kitchenneighborhood of Manhattan, New York City. The complex, known collectively as Worldwide Plaza, was completed in 1989.

One Worldwide Plaza is a commercial office tower on the west side of Eighth Avenue, while Two Worldwide Plaza is a residential condominium tower west of the center of the block, and Three Worldwide Plaza is a low-rise condominium residential building with street level stores on Ninth Avenue, to the west of the towers. Skidmore, Owings & Merrill was the designer for the office complex, and the residential complex was designed by Frank Williams.[1]

The complex, whose component skyscrapers are among the list of tallest buildings in New York City, occupies the entire city block bounded by Eighth Avenue, Ninth Avenue, 49th Street, and 50th Street. One Worldwide Plaza is built on the site of New York City's third Madison Square Garden.

## History

### Prior proposals

Following the opening of the current Madison Square Garden arena at 34th street, the former arena at 50th Street began demolition in 1968. Initially, replacement plans included a four-theater complex sponsored by the City Center for Music and Drama, a film production center and a new home for the American Film Institute. In 1973, Cushman & Wakefield and Skidmore, Owings & Merrill were hired to study the feasibility of constructing a large commercial showroom complex on the site similar to the Merchandise Mart in Chicago or AmericasMart in Atlanta.[8] The complex would be topped by a tower which could have contained a hotel, offices, or apartments.

In December 1976, developer Frank Stanton proposed a $30 million enclosed amusement park for the site named Hippodrome Park. The amusement park would include a variety of rides, restaurants, and films and would be designed by Randall Duell, who had previously designed theme parks including Six Flags Over Texas and Six Flags Magic Mountain. The park would host seventeen rides, which included two thrill rides (one of which a looping ride that would carry riders through the roof of the enclosed park) and a log flume ride; there would also be a three-story carousel, a puppet show, an aviary, and 3D films. Admission would cost $7 and include all the attractions. The structure would have had a low profile accented by angular expanses of glass over the larger rides and a central mall with 500 parking spots beneath the park. The enclosed structure would allow the park to be climate controlled and operate year-round, unlike other New York City parks like Astroland at Coney Island in Brooklyn and the short-lived Freedomland U.S.A. in the Bronx. The City of New York was supportive of the project as part of its initiative to clean up nearby Times Square but the developers were ultimately unable to raise the necessary funds to purchase the site.

Instead, conglomerate Gulf and Western Industries acquired control of the 4-acre (1.6 ha) site in August 1977. The company drew up plans for a large three-story podium that would cover the entire site and include a shopping mall and a skating rink. On top of the podium would sit a 52-story office building and two 60-story apartment towers. In total, the proposed development would include over 2.3 million square feet (210,000 m2) of space. However, as a result of a companywide restructuring, Gulf and Western only operated the site as a parking lot before selling it to a group led by William Zeckendorf Jr. and Arthur G. Cohen for $100 million in December 1984.

### Planning and development

Late the following year, Zeckendorf announced plans for a $500 million complex containing a 45-story office tower on Eighth Avenue, a 38-story condominium tower to the west and several six- and seven-story residential buildings fronting on Ninth Avenue. Ogilvy & Mather Worldwide, at the time the country's fourth-largest advertising agency, agreed to relocate the company's headquarters to the first 12 floors of the office tower. The plans also included a remodeling of the 50th Street station and the renovation of six nearby vacant tenements into low-income housing. Kumagai Gumi, Victor Elmaleh, and Frank Stanton would provide an additional equity investment in the development. The plans totaled 2 million square feet, including 600 apartment units, and would require a zoning variance since the buildings were approximately 40% bulkier than what was allowed under the city's zoning code. The complex also received an eight-year tax abatement valued at $60 million which would have to be repaid in installments starting in the 11th year after completion.

The surrounding neighborhood and West Side of Manhattan consisted mostly of lower-income tenements and small retail buildings with most office development concentrated east of Broadway. The *New York Times* described the area as "a neighborhood best known for pornography and cheap bars," "synonymous with drugs, pornography and prostitution," and "more red light than blue chip". Zeckendorf predicted the development would lead to "what most consider the bad part of New York disappearing." Following the announcement of the new complex, local Manhattan Community Board 4 announced their opposition due to the height of the buildings and the lack of low- and moderate-income housing. The Board expressed concern that rising real estate tax assessments would push out lower-income tenants and family businesses.

In June 1987, the developers secured a $545 million construction loan from syndicate of 15 different banks spread across the United States, Japan, Canada, and Europe. The development group was required to provide a $100 million letter of credit, effectively serving as 20% recourse on the project. The bank group included Mitsubishi Bank, Hokkaido Takushoku Bank, the Long-Term Credit Bank of Japan, The Bank of Tokyo, Tokai Bank, Sanwa Bank, Taiyo Kobe Bank, Deutsche Bank, Swiss Bank Corporation, Canadian Imperial Bank of Commerce, Bank of Montreal, Manufacturers Hanover Corporation, Irving Trust, Chemical Bank, and Lincoln Savings Bank.

In early 1989, advertising agency N. W. Ayer & Son also agreed to move in to the building and lease 335,000 square feet (31,100 m2). Record label PolyGram also agreed to lease 120,000 square feet (11,000 m2) in the building. Following the building's completion, the *New York Times*' architecture critic Paul Goldberger declared that the project had "turned one of the harshest blocks of midtown Manhattan into a glittering island of corporate luxury."