Viacom Staying at 1515 Broadway
The Cost of Bad TV Might Surprise You

In New York, if the criminals aren't kicking your ass and taking your wallet, the businessmen are, and they're doing it while staying well within their legal rights. That's why New Yorkers looking for real estate have learned to eat shit and like it.

Not even very rich and powerful Manhattan-based companies are above getting jacked. Take, for instance, Viacom, which is said to be renewing its lease at 1515 Broadway when it expires in 2010, even though they won't even be broadcasting TRL, which is what made the space so preferable to begin with. Says Greg Hughes, CFO for New York City's largest commercial landlord SL Green, Viacom will probably continue to rent most or all of the 1.5 million square feet they do at the horrendous Times Square location for the new price of $85 per square foot, up from the $50 per square foot it's currently paying.

Too lazy to do the math? We gotcha covered: Starting in 2010, Viacom will be spending about $128 million per year to rent space in one of the ugliest buildings on one of the ugliest streets in the world.

We are no longer shocked at how crappy MTV has become.

Sep 18, 2008 · posted by cord · Link · Respond
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