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The empty building that generates more than 500 million dollars

Buildings are a source of income for different reasons, whether for renting flats, offices, rooms, advertising space, premises, etc. Today we tell you the story of a empty building in New York that has already generated more than 500 million dollarsa real bargain for its owners… and if you keep reading you will discover why.

This is the empty building in New York that generates 500 million dollars

The real estate sector is one of the richest, and when it is combined with the advertising sector, another that is also rich, the combination can result in truly spectacular figures, as is the case in this case. Renting a flat can generate a lot of income per year, and what is unusual is having an empty building and that brings you nothing less than 500 million dollars…and keep adding.

Its about One Times Squarea building that is located in the middle of Times Square and that only in advertising leaves a profit of 60 million dollars a year, a real fortune considering that the building itself is empty, it is used only as a billboard, one could say.

Built in the year 1904 by The New York Times newspaper to locate its offices in the heart of Broadway, its name of One Times Square eventually made the entire area known as Times Square, a name it still receives today.

The building passed into the hands of different owners during the financial crises that the city suffered in the 20th century, and it was in 1995 when the company Leman Brothers acquired it. These new owners analyzed the use that they could give it and it was clear to them that the illuminated advertisements that had been in the area since 1916 were a great attraction, and could also be a great source of income, so they decided to take advantage of its façade as an advertising element in place to occupy their offices.

The first year they generated 7 million dollars, and currently there are already 60 million that are pocketed each year only with the advertising that is placed on its facade. The minimum that a brand that wants to advertise on the facade of this building must pay is 3 million a month.

Times Square, a mythical place in New York

Although it had a time when it was considered a dark place visited by drug dealers, but Mayor Rudolph Giuliani cleaned up that area and turned it into a tourist spot that today receives more than 600,000 tourists every day.

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