Because Midtown Manhattan -- particularly this part of Midtown -- just needs more glass-slab excrescences:  the Newsweek building at 1775 Broadway will be re-clad in glass.  What's wrong with simply cleaning the nice old brick facade?  It's a decent-looking building, with a good base.

The owners are changing the address, too, to "3 Columbus Circle."  Shouldn't your building have to be, y'know, actually on the circle to get that kind of address?  This building's a block away.