Times Square in New York , often referred to as “ The Crossroads of the World .”
PERSPECTIVE
How
New York defines the principle of highest and best use
By DAN LESSER , CEO , LW HOSPITALITY ADVISORS
Situated in the epicenter of Times Square in New York , the original development and subsequent reinvention of the New York Marriott Marquis is an excellent example of the concepts of principle of change , and highest and best economic use .
During the first half of the 19th century , the area originally known as Longacre Square was controlled by John Jacob Astor , who made a second fortune selling off lots to hotels and other real estate concerns as the city rapidly spread uptown . During the last half of the century , as more profitable commerce and industrialization of lower Manhattan pushed northward , the area became known for its rollicking reputation as an entertainment district .
52 hotelsmag . com Mar / Apr 2024