Developer Wants Hotel for Former New York Times Building

Israeli billionaire Lev Leviev's real estate company, Africa-Israel USA, is planning to convert the former New York Times Building in Times Square into a high-end hospitality experience, it announced last month.

According to AFI USA, the 15-story structure would house on floors five through 11 a 397-room hotel that could offer a spa, a gym, a swimming pool and other amenities. Other plans call for luxury retail, exhibition space, an upscale bowling alley, a nightclub, seven restaurants and 26 penthouse condos.

According to AFI USA Chairman and CEO Richard A. Marin, the planned hotel will allow his company to "create the most value and make the greatest contribution to the Times Square neighborhood."

—Nielsen Business Media