Xin Capital has secured a $51 million loan to finance a mixed-use 144,500 square foot property purchase in Manhattan.
The senior loan for the asset Times Square West was provided by White Oak Real Estate Capital. The site at 303 W 42nd St and 300 W 43rd St contains two office and two retail condominiums. The office space comes out to 127,000 square feet in total, while the retail offering is 17,500 square feet at the ground level of the building.
Times Square West underwent renovation between 2021 and 2023. Also known as The Hive, the property now features new windows, elevators, a facade and lobbies.
The retail segment is 100 percent leased to major brands, including 7-Eleven, Dunkin Donuts, Chick-fil-A, Little Italy Pizza and Smashburger.
“We are thrilled to collaborate with Xin to facilitate the acquisition of this property and bridging them through the transformation of the vacant office space into a dynamic, high-traffic destination for world-class food and retail experiences,” said Eric Tanjeloff, managing principal at White Oak.
“The property’s strong cash flows and prime tenancies provide a compelling opportunity for our investors.”
The move comes just months after JAM Real Estate Partners, Blake Partners and Straus Group agreed to buy The Hive for $48 million in November, according to the New York Business Journal.
Currently, Manhattan has been booming across CRE. For one, Colliers forecasts that office in the borough will see the strongest leasing in six years after posting 3.01 million square feet in signings during July. Also, a recent report from JLL found that Prime NYC's retail availability hit a record low, dating back to the third quarter of 2017.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.