When the Times Square ball drops New Year’s Eve to ring in 2013, it will do so over a Manhattan office building that is mostly empty. Yet, it is minting cash.
The 25-story tower is doing a booming business as a billboard…From sign rentals alone, the small trapezoidal building at One Times Square takes in more than $23 million a year in revenue, the documents say.
Dunkin’ pays $3.6 million a year for a Dunkin’ Donuts digital sign that often shows photos of fans who send images to the company’s Facebook page.
WSJ 2: The New Year’s Eve ball drop ceremony is rather expensive. In recent years, the owners have spent more than $2.4 million annually to host the event, although the cost is offset by the $2.5 million to $3 million in revenue the event creates, in part from sponsorships.
In addition, signage revenue is still on the rise at the building. It’s gone from $17 million in 2009 to about $23 million in 2012. Next year it’s expected to be more than $24 million.