Hakimian files plans for Times Square demo, no NB plans yet

Hakimian Organization, on August 26, filed a permit application for the demolition of the 57,606-square-foot building at 250 West 49th Street in Times Square. Joe Hakimian, who founded the firm along with his brother Ben, filed the plans.

Demolition plans are not common in the neighborhood, with these being the first ones of the year. In the last three years there have only been three other demolition plans filed, all for buildings four-stories or smaller.

There are currently no active new building plans at the site, and the developer did not respond to a request for comment on what their ultimate plan is.

The developer has owned the commercial property since they acquired it for in 2003 for $13.1 million. In 2014, in a partnership with Gorjian Properties, Hakimian filed plans for an $11 million project which aimed to add 16 floors to the existing building and convert it into a 246-key hotel.

Then in 2018, an increase in demand for office space and an overly competitive hotel market caused the developers to pivot, according to a report from City Realty. The developers changed their plans, now aiming to convert the building to a 19-story office building. Those plans were ultimately disapproved in 2019, with no new building plans or A1 plans filed afterwards.

The plans call for the demolition of an eight-story building.

The project is described in the filings as: full demolition of eight story structure, using hand held and mechanical means to assist on floors.

Direct link to Acris document. LINK

Direct link to DOB document. LINK