Empty building nets CEO $23 million a year in Billboard Ads

[dmcowen674]

12-27-2012

http://news.slashdot.org/story/12/1...utm_source=rss1.0mainlinkanon&utm_medium=feed

Empty Times Square Building Generates $23 Million a Year From Digital Ads



Electronic ads earn about $23mn each year for an empty building at One Times Square – the iconic tourist destination in the New York City.


A 25-story Manhattan office building that has long been empty keeps on bringing in millions to its owner as a billboard.


Michael Phillips, CEO of Atlanta-based Jamestown Properties, bought One Times Square through a fund in 1997 for $117 million

Dunkin' Brands Group Inc. pays $3.6mn a year for a Dunkin' Donuts digital sign on the One Times Square building, with Anheuser-Busch InBev paying another $3.4mn a year for its advertisement. Sony and News America pay $4mn a year for a shared sign."

 

[dmcowen674]

Obviously not taxing this CEO Michael Phillips enough or I bet even anything.

I wouldn't be surprised to find out taxpayers are actually paying him for the privilege of the empty building and his $23 million in profit.

 

[dank69]

Why do you feel the need to bash this patriotic job creator?

 

[Exterous]

Dunkin' Brands Group Inc. pays $3.6mn a year for a Dunkin' Donuts digital sign on the One Times Square building, with Anheuser-Busch InBev paying another $3.4mn a year for its advertisement. Sony and News America pay $4mn a year for a shared sign."

:hmm: Why only list $11 million of the $24m? That jumped out at me right away when reading. Makes the article seem lacking. It would also be interesting to know his property taxes

Edit: What the hell?! Thats just lazy reporting. The WSJ had no problems spending 30 seconds to list other companies. It's also not empty - there is a Walgreens on the first three floors. What a shitty article...

(I also didn't realize that this was the same building with the new years ball drop on it)

 

[Smoblikat]

Obviously not taxing this CEO Michael Phillips enough or I bet even anything.

I wouldn't be surprised to find out taxpayers are actually paying him for the privilege of the empty building and his $23 million in profit.

You are a retard. Why do you demonize those who are smart enough to know how to play the game?

 

[JTsyo]

That title is wrong from what I understand since the money is gross income (don't see anything indicating the costs associated with the building) and I don't see how the $23 million goes to the CEO.

 

[Zivic]

You are a retard.

yes, he definitely is

 

[Pr0d1gy]

You are a retard. Why do you demonize those who are smart enough to know how to play the game?

The game is rigged, smart has nothing to do with it.

 

[SearchMaster]

He shouldn't receive dividends on a $117m investment? How much does maintenance of said investment cost (empty buildings deteriorate very quickly)?

Some 'distrust' of the wealthy may be justified but Dave, you are insane with your hatred of the 1%.

 

[Matt1970]

Obviously not taxing this CEO Michael Phillips enough or I bet even anything.

I wouldn't be surprised to find out taxpayers are actually paying him for the privilege of the empty building and his $23 million in profit.

Him making $23 Million is 100% legal. He bought the building, he sells the advertising on it and nobody is forcing anyone to advertise on there. And I bet his taxes on a building in Times Square eats up a good chunk of that $23 Million, but like always you think he isn't taxed at all. Dumbass.

 

[highland145]

Maybe a New Yorker can explain the tax page. Looks like he pays twice a year on the building + signs. Better than $2.2M.

Scroll to the bottom.

http://webapps.nyc.gov:8084/cics/f704/f403001i?DET=1-00995-0001-

 

[K1052]

I'm familiar with One Times Square. The main reason most of the building is unoccupied is that it would be terrifically expensive and difficult to add AC to the rest of the tower and most office users would like a window they can see out of. It would take a lot of investment to get low rents so its just not worth it.

As to the huge ad revenues...duh it's in TS. You people would shit a brick to see the retail rents that get paid down there and what buildings trade for.

 

[Matt1970]

Maybe a New Yorker can explain the tax page. Looks like he pays twice a year on the building + signs. Better than $2.2M.

Scroll to the bottom.

http://webapps.nyc.gov:8084/cics/f704/f403001i?DET=1-00995-0001-

He is paying more than 10% of the assessed value every year in taxes. Noooooo, NY Taxes aren't high.

 

[Atreus21]

Jealous much?

 

[SpatiallyAware]

Successful man making money? PUT HIM IN JAIL.



Ad/marketing revenue is no different than any other revenue. Look kids, work hard and maybe one day you can buy an investment property such as this.

 

[MagnusTheBrewer]

You are a retard. Why do you demonize those who are smart enough to know how to play the game?

The game is rigged, smart has nothing to do with it.

Successful man making money? PUT HIM IN JAIL.



Ad/marketing revenue is no different than any other revenue. Look kids, work hard and maybe one day you can buy an investment property such as this.

The "Game" is bad for the economy, society and, the standard of living. Finding loopholes in our economic structure has become a full time occupation for far too many. Success of a few does NOT mean success as a Nation, community or, business. Following the principles of enlightened self interest would bring far more prosperity.

 

[BoberFett]

Obviously not taxing this CEO Michael Phillips enough or I bet even anything.

I wouldn't be surprised to find out taxpayers are actually paying him for the privilege of the empty building and his $23 million in profit.

Just making shit up now to be outraged about, huh loser?

 

[BoberFett]

The "Game" is bad for the economy, society and, the standard of living. Finding loopholes in our economic structure has become a full time occupation for far too many. Success of a few does NOT mean success as a Nation, community or, business. Following the principles of enlightened self interest would bring far more prosperity.

What loopholes are we talking about here? This guy owns property and is renting it out. I didn't realize that was some kind of nefarious plot.

Democrats are starting to go overboard on the demonization of profit of any kind.

 

[highland145]

What loopholes are we talking about here? This guy owns property and is renting it out. I didn't realize that was some kind of nefarious plot.

Democrats are starting to go overboard on the demonization of profit of any kind.

The one that lets him pay $2.2m in property tax, obviously.

 

[fskimospy]

If only everyone in Times Square had been armed this tragedy could have been averted.

 

[Doppel]

The game is rigged, smart has nothing to do with it.

Is this how underachievers live with themselves? I guarantee that if you tested the IQ of a thousand people you'd find a massive correlation between it and their income. Smarter people in general make more money, it's a plain fact

 

[Matt1970]

The one that lets him pay $2.2m in property tax, obviously.

There is in addition to the $2.3 Million he paid in property and his federal income taxes a NY 9% State Income Tax and the newly added NY State Millionaires Tax.

And just remember dmcowen674 wants to kick all rich people out of the country and have the lower and middle classes pick up the slack in taxes.

 

[MagnusTheBrewer]

The one that lets him pay $2.2m in property tax, obviously.

Since when did paying your taxes grow the economy? When did the minimum you must do become the Holy Grail to celebrate? Ooh not, only did he have to pay property taxes but, I'll bet he paid income tax too. The horror!

 

[highland145]

Since when did paying your taxes grow the economy? When did the minimum you must do become the Holy Grail to celebrate? Ooh not, only did he have to pay property taxes but, I'll bet he paid income tax too. The horror!

You must have missed the memo that the government is a job creator.

 

[fskimospy]

You must have missed the memo that the government is a job creator.

How could someone miss that memo? Everyone knows the government is a job creator, how could anyone not know that?