Andersen to Construct Times Square Skyscraper

Amidst the hustle and bustle of a renewed New York City Times Square, Arthur Andersen, LLP has announced it will build a new office tower on Broadway, between 41st and 42nd Streets.

Perhaps, though, the real news is that the tower competes directly with rival Ernst & Young, already under construction one block over at Seventh Ave. and 42nd Street.

The deal for the new Andersen tower has yet to be finalized. The site once housed the Times Square Brewery, and the two factors standing in the way of the proposed $600 million project are to fully acquire the property from Prudential Insurance and negotiate for about $10 million in tax breaks.

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