NEW YORK — Kushner Cos. has purchased a retail condominium building in New York that formerly served as the headquarters for The New York Times for $296 million. The 250,000-square-foot building is located at 229 W. 43rd St.
The 18-story space occupies a full block in the Times Square corridor, with frontage on 43rd and 44th streets. It served as the newspaper’s headquarters from 1913 through 2007 when the Times relocated to 620 Eighth Ave.
The retail condominiums contain up to 45,000 square feet. Notable tenants at the property include Bowlmor Lanes, Haru Times Square and Guitar Center. There is about 60,000 square feet of vacant retail space.
“We’re excited to acquire this wonderful Times Square retail condo, located in one of the world’s most popular tourist destinations,” says Jared Kushner, the firm’s CEO. “We believe this will be a great long-term asset, and a draw for retailers.”
The seller is a partnership between Africa Israel USA and an affiliate of Five Mile Capital Partners LLC.
“We are proud to have overseen the transformation of this trophy asset, and are pleased to have transferred the stewardship to such an outstanding organization as the Kushner Companies,” says Chagit Sofiev Leviev, Africa Israel’s CEO.
CBRE represented Kushner in the transaction. Fried Frank served as legal counsel. Helen Hwang of Cushman & Wakefield represented the seller. Kasowitz, Benson, Torres & Friedman provided legal counsel.
New York-based Kushner Cos. owns, manages and develops diversified real estate assets throughout the Northeast and Mid-Atlantic regions. Its current portfolio contains more than 20,000 multifamily apartments, as well as 12 million square feet of office, hotel, industrial and retail space.