Bloomberg Tower Revitalizes NYC Neighborhood

"The Bloomberg Tower at 731 Lexington Avenue, with an upscale residential portion called One Beacon Court, is transforming the commerce of a neighborhood.

The district was once known for its battling department stores, Bloomingdale's and Alexander's. But Alexander's closed in 1992 and the area was dominated for years by the store's gloomy facade until the building was demolished in 1999.

That was followed by years of construction, when shoppers wandered along 59th Street from the Plaza Hotel, at the southeast corner of Central Park, to Bloomingdale's, three blocks to the east, but not much farther.

But with the opening in 2004 of the 1.4-million-square-foot glass skyscraper that houses the headquarters of Bloomberg L.P., the financial news company, and an office for Citigroup, on the full block where Alexander's once stood, a series of new retail outlets, from clothing shops to banks, is rejuvenating a slightly down-at-the-heel neighborhood."