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Time Square Billboards Make Millions for Owners

Posted: Dec. 27th, 2012  |  By DailyLuxe News

According to a report from the Wall Street Journal and a follow-up by Aol.com, the owner of the One Times Square tower collected more than $23 million from signage placed on the building in 2012. 

This is the tower where the Waterford Crystal ball drops from on New Year’s Eve,  However, the building itself is mostly an empty tower with plenty of office space available to rent. Jamestown Properties, the owner of the building, reports that revenues have been on the rise the past few years. The sales forecasts for 2013 for billboards are $24 million. 

Asking rents for billboards in Times Square are doing pretty well overall, too. The going rate for billboard space at 4 Times Square, home of a giant H&M store, $3.5million a year, according to the Durst Organization, which owns the signage and retail space there.

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