Newmark has successfully completed the sale of a retail condominium at 2 Times Square, with Sherwood Equities selling to South Korea’s Bando Construction. The prime location, spanning 25,000 square feet and situated at the northern end of the Times Square Bowtie on Seventh Avenue and 48th Street, was sold for approximately $100 million – equivalent to almost $3,900 per square foot.
Leading Newmark executives Adam Spies (co-head of U.S. capital markets), executive vice chairman Adam Doneger, executive managing director Avery Silverstein, executive vice chairman Marcella Fasulo and associate director Meaghan Philbin were instrumental in facilitating this transaction on behalf of Sherwood Equities.
According to Spies: “Times Square has made a full recovery since the COVID-19 pandemic hit. It now welcomes nearly 340 thousand visitors daily with peak days seeing over one million visitors.” He also added that this sale highlights the enduring appeal and resilience of Times Square as a top destination for both retailers and investors.
This successful sale was made possible by Newmark’s dedicated team who have previously worked closely with Sherwood Equities on other lucrative transactions such as selling Renaissance Hotel at 2 Times Square for $165 million and M&M Store & Signage at 1600 Broadway for $192 million.
