If Sheldon Cohen has his way, the Harvard Square kiosk may someday sport a wraparound, neon news marquee like the one that graces the Allied Chemical building in New York's Times Square.

Cohen, the owner of the Out of Town News and Ticket agency, said yesterday his envisioned marquee would run notices of community interest along with the national and international news dispatches of United Press International.

"It's one way to let people know what is happening locally--what's showing at the Loeb or at Sanders' Theatre," Cohen said.

Cohen said he is now seeking cost estimates for building the marquee. He is unsure, he said, whether he will be able to afford construction costs--"they're close to prohibitive," Cohen said.

Still, he is enthused about adding the marquee, though he admits his vision of Harvard Square as a second Times Square "may just be fantasizing." His final decision will be "contingent on economic factors," Cohen said.

Personal Reaction

Deane W. Lord, director of the Harvard News Office, said yesterday that a marquee would be good for the Square but of little personal use to her. "I can see the kiosk only by standing on the radiator--which is hot," Lord said.

If the marquee is built, Lord promised, "I'll take a look at it when the radiator isn't hot."