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One Times Square getting $500 million investment for new viewing deck, museum, retail space

One Times Square to undergo $500 million transformation
One Times Square to undergo $500 million transformation 00:44

NEW YORK -- The iconic One Times Square building, which hosts the annual New Year's Eve ball drop, is getting a makeover.

The building will be transformed, opening up much of the interior to the public for the first time in decades, the Times Square Alliance said Friday.

Additions include a new viewing deck, museum and retail space. Mayor Eric Adams said it's coming from a $500 million investment.

Mayor Adams discusses Times Square redevelopment 09:19

"This is the center of the universe for America, and when the lights are on on Broadway, in Times Square, the lights are on in America, and the comeback of America starts here in this square for these times," Adams said.

The Times Square Alliance said the area has welcomed more than two million visitors weekly for seven straight weeks.

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