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

[Lanyap]

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."

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.

Somebody needs to get their story straight. All this outrage for nothing. Phillips is the COO, not CEO, of Jamestown Properties and it was Jamestown Properties that purchased the building, not Phillips personally.

http://www.bizjournals.com/atlanta/morning_call/2012/12/report-jamestown-properties-mostly.html

 

[werepossum]

Somebody needs to get their story straight. All this outrage for nothing. Phillips is the COO, not CEO, of Jamestown Properties and it was Jamestown Properties that purchased the building, not Phillips personally.

http://www.bizjournals.com/atlanta/morning_call/2012/12/report-jamestown-properties-mostly.html

Details, details! The important thing is that this building should be given to community organizers and no one allowed to profit from it. Or just burned; stupid monument to capitalism.

 

[JEDIYoda]

Democrats have become so hateful of Republicans that they're becoming exactly them. They are outraged at anything even slightly outside of their very narrow world view. People like the D's in this forum are about to jump the shark just like Republicans did a while back.

The guy who is renting out space for the ads is a Democrat..lol

 

[bigrash]

Crazy. I work right next to that building. See the ads on it every day.

 

[dmcowen674]

Democrats have become so hateful of Republicans that they're becoming exactly them. They are outraged at anything even slightly outside of their very narrow world view. People like the D's in this forum are about to jump the shark just like Republicans did a while back.

Besides the D Vs R war, there is the 1% war against the 99%.

The 1% has both D's and R's.

 

[WhipperSnapper]

That guy worked very, very hard to earn that $23 million/year, much harder than scientists, teachers, janitors, construction workers, etc. I can only imagine how many hours he worked, slaving away doing dangerous physical labor and/or crunching long differential equations. He deserves to be able to keep all of it.

 

[dmcowen674]

Crazy.

I work right next to that building.

See the ads on it every day.

Did you know it was pretty much empty?

What do you think of that?

 

[SagaLore]

Who cares?

 

[Lanyap]

Details, details! The important thing is that this building should be given to community organizers and no one allowed to profit from it. Or just burned; stupid monument to capitalism.

Yes, Mr wereobamapossum.

 

[Lanyap]

That guy worked very, very hard to earn that $23 million/year, much harder than scientists, teachers, janitors, construction workers, etc. I can only imagine how many hours he worked, slaving away doing dangerous physical labor and/or crunching long differential equations. He deserves to be able to keep all of it.

Phillips is the COO, not CEO, of Jamestown Properties and it was Jamestown Properties that purchased the building, not Phillips personally.

http://www.bizjournals.com/atlanta/morning_call/2012/12/report-jamestown-properties-mostly.html

 

[bigrash]

Did you know it was pretty much empty?

What do you think of that?

Yes I know it's empty because Walgreens is located in the building occupying the bottom 3 floors and I noticed that you can't click the buttons on the elevator for the 20 floors above it.

I really don't care whether the building is occupied or not.

 

[waggy]

great! the guy is taking a losing situation and making bank!


oh and i knew the OP was fucking nuts but kinda surprised on others..

 

[HamburgerBoy]

That guy worked very, very hard to earn that $23 million/year, much harder than scientists, teachers, janitors, construction workers, etc. I can only imagine how many hours he worked, slaving away doing dangerous physical labor and/or crunching long differential equations. He deserves to be able to keep all of it.

Yes. Effort is worth more than creation. A janitor that contributes ~$30000/yr of work for 50 hours a week over a lifetime is more valuable than a business that contributes $23000000/yr for something that took only a year's worth of effort. Clearly, work becomes more valuable the longer it takes to do it. Yes, the fact that the rock is being pushed is the most important factor, not the incline at which it is pushed. Thank goodness that we still have Africans and Asians picking crops by hand to outweigh all of those worthless idiot Americans on tractors.

 

[s0me0nesmind1]

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

Just like stocks, property is a risk. It could skyrocket depending on what is built around it. It could demolish depending on what is built or shows up around it.

Anyone against someone for their property value being high (hence people willing to pay for ad display) is laughably stupid. Seriously, consider slitting your wrists for thinking people aren't entitled to using their property value accordingly.


What OP is suggesting: If he were to ever own 2 homes (since he can't live in both) he is a dick and a prick. What a bastard. Oh noez.

 

[OverVolt]

That guy worked very, very hard to earn that $23 million/year, much harder than scientists, teachers, janitors, construction workers, etc. I can only imagine how many hours he worked, slaving away doing dangerous physical labor and/or crunching long differential equations. He deserves to be able to keep all of it.

Which is why modern scientists are suckers.