NEW YORK CITY — CBRE has negotiated the $28 million sale of the 245,419-square-foot retail space within the former New York Times building at 229 W. 43rd St. and 216-226 W. 44th St. in Midtown Manhattan. Kushner bought the space in 2015 for $296 million. The space spans the first four floors and two lower levels and was 34.5 percent leased at the time of sale to tenants such as entertainment concept Lucky Strike and restaurants Tacos No. 1 and Ra Sushi. Jay Miller and A.J. Felberbaum of BayBridge Real Estate Capital represented the buyer, a Delaware-based entity doing business as Forum at Time Square LLC, in the transaction. Jack Stillwagon and Doug Middleton of CBRE represented the seller, a trust working on behalf of CMBS bondholders that took title of the property last year via a foreclosure proceeding against Kushner.
The newly acquired retail component of the historic New York Times building in Midtown Manhattan is located directly across from the proposed site of the Caesars Palace Times Square casino. The sales price of $28 million represents a discount of about 90 percent relative to what local real estate giant Kushner paid for the space a decade ago.
CBRE Negotiates $28M Sale of Retail Space of Former New York Times Building
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