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One of the most iconic views of Times Square has a new look, thanks to two massive 30-by-90-foot Corona signs going up today. The two signs flank the Coca-Cola sign on the south-facing Two Times Square -- generally regarded as the most photographed address in the area.
The new ad space is on 1600 Broadway, a new luxury condo building Sherwood Equities has erected behind the Two Times Square, which it owns. Sherwood also owns One Times Square, the site of the New Year’s Eve ball drop, and sells advertising space through its subsidiary, Sherwood Outdoor.
Sherwood’s Times Square spaces are arguably the most expensive out-of-home space in the country -- up to $350,000 a month, according to industry estimates -- and are only leased in long-term, multiyear deals. The Corona spots are the most visible of the four on the new 1600 Broadway building and were sold as a pair to maintain symmetry.
Robert Viejo, chief sales and marketing officer at Procermix, which as the U.S. division of Grupo Modelo distributes Corona, said the new presence is all about reinforcing Corona’s image as an international beer. “With [Times Square’s] international visitors we can put that image in front of customers from around the world,” he said.
40 million visitors
Times Square draws 40 million annual individual visitors -- roughly equivalent to 14% of the U.S. population, and Kodak estimates the area is in more than 100 million snapshots a year.
The Corona signs face into Times Square’s famous “bow tie,” where 7th Avenue and Broadway intersect. They’ll be “right in the sight line of all the tourists,” said Sherwood Outdoor President Brian Turner. “We strategically placed the signs where they’d be apart of the world-famous postcard shots.”
The address is the site of one of Times Square’s original buildings, a Studebaker manufacturing plant that produced carriages in the days before automobiles. The building was torn down and replaced with a high-rise that houses 136 high-end condominiums along with four advertising sign locations.
Expanding its boundaries
“Times Square keeps on expanding its boundaries, and it’s often through the signs,” said Tim Tompkins, president of the Time Square Alliance. “When Hershey’s opened and created its mega-sign on 48th [Street] and Broadway, that extended the boundaries, and then you had Lehman Bros. where signage is built into the architecture of the building. It’s a testament to the energy and health of Times Square.”