You know the old adage — one man's trash is another man's fortune. That's what Forum at Times Square LLC hopes it's getting in the retail portion of 229 W. 43rd St. and 216–226 W. 44th St. in Midtown, inside a building that used to serve as The New York Times' headquarters.
The New York Business Journal reported the acquisition of the 245,000 square foot space to be $28 million, with CBRE brokering the transaction and BayBridge Real Estate Capital advising Forum at Times Square. The purchased space includes the lower two levels of the building and the first four floors.
Originally, Jared Kushner's father, Charles Kushner, paid $295 million for the entire property in 2015, the NYBJ said, citing property records. Then, the pandemic happened — forcing a foreclosure and an auction on the property in 2024. Currently, occupancy at the retail segment of the site sits at just 34.5 percent.
Now, Forum at Times Square is looking to revitalize the property, which currently hosts tenants including Los Tacos No. 1, Lucky Strike and Ra Sushi.
"Forum at Times Square LLC intends to curate an optimal tenant mix with complementary entertainment, retail and restaurant concepts," Jay Miller of BayBridge said in the statement, according to NYBJ.
"The company’s goal is to create a vibrant ecosystem where tenants will thrive surrounded by the energy in Times Square."
Also, Jack Stillwagon of CBRE spoke glowingly about the opportunity that the new owner of the retail space will have.
"This property checks every box: scale, location and cultural significance," he said, adding that "assets of this caliber rarely come to market in Times Square."
The Delaware-based company was just formed earlier this year. It's unclear if the new entity has made other recent purchases or what its other plans are in the future.
Overall, retail across Prime NYC looks strong. A recent report from JLL found that the market's retail availability hit a record low, dating back to the third quarter of 2017. Plus, Times Square is standing out for rents, commanding the highest prices at $1,555 per square foot, representing a surge of 19.3 percent year-over-year.
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