this is sad news...

one of the best spots in times square gets thrown under the bus.

October 2, 2005 -- McHale's — the Manhattan bar as famous for its celeb sightings as its jumbo burgers — is closing Jan. 1.

With its familiar red and green neon sign, McHale's has been at the corner of West 46th Street and Eighth Avenue for more than 50 years.

The six-floor office building in which it's housed was sold for $30 million to make way for a 42-story high-rise. New owner 46th Street Properties didn't return a call for comment.

"You can't stop progress," owner Jimmy McHale said philosophically. "It's New York City."