1981. Kemekod sold the tower to TSNY Realty Corporation, an investment group led by Lawrence I. Linksman, in 1982 for $12 million. Linksman promised further renovations to the building, including the possibility of using its north face for signage displays. As part of the 42nd Street Redevelopment Project, in 1983, architects Philip Johnson and John Burgee had planned to raze One Times Square and construct four new towers immediately surrounding the site. Park Tower Realty, which had been designated as the developer of these towers, offered to buy the building in November 1983. Park Tower planned to demolish the building and transfer the Times Square Ball to the tallest of the four new buildings. A month afterward, TSNY sued Park Tower to prevent the demolition. Allan J. Riley acquired the building in 1984 for $16.5 million, at which point the building was almost fully leased. Also in 1984, the Municipal Art Society held an architectural design competition for the site, attracting over 1,380 entrants from 15 nations. That December, the building's owner objected to the ESDC's plans to condemn the site. The city and state governments of New York created a six-member committee in 1985 to discuss the future of One Times Square. Israel and Calmenson ownership Steven M. Israel and Gary Calmenson paid $18.1 million for the building in December 1985 and leased the building's ticker to local newspaper Newsday the next month. The ticker displayed headlines, advertising, and weather from 6 a.m. to midnight each day. Israel started converting on the lower stories into the Crossroads Fashion Center, a retail complex designed by Fernando Williams Associates. By then, Park Tower had begun promoting a plan to replace One Times Square with a seven-story building containing an "open staircase running up its middle and a waterfall running over rough stones at its base". City and state officials debated whether to acquire One Times Square through condemnation for several years, but they canceled these plans in 1988 after failing to reach an agreement. By 1988, Israel had renovated the first two stories for $1 million. In addition, he converted the 11th floor into an amenity area for the building's tenants; the space contained production rooms, a reception area, and a screening room. At the time, the building was known as One Times Square Plaza. Israel and Calmenson refinanced the building in 1989 with a $30 million loan from French bank