Cushman & Wakefield successfully facilitated the sale of two office and retail buildings in Midtown Manhattan, totaling 144,251 square feet. Located at 303 W. 42nd St. and 300 W.43rd St., these properties are collectively known as Times Square West.
The final purchase price for this transaction was $48,018,000 and it was represented by Cushman & Wakefield’s Andrew Berry and Charlie Gravina on behalf of the sellers -303 West 42nd Street Realty LLC and 300 West43rd Street Property Owner LL.
The buyers for this deal were a partnership between Blake Partners, JAM Real Estate Partners,and The Straus Group.
According to Berry,”Times Square West has undergone recent renovations that have elevated it to a top destination for both officeand retail tenants.” He also mentioned that the fully occupied retail space is anchored by Chick-fil-A which provides a stable income stream while there is potential for significant lease-up in the vacant office space as New York’s office market continues its recovery.
In addition to facilitating the sale,Cushman &Wakefield’s Equity Debt& Structured Finance team consisting of Gideon Giland Zachary Kraft assistedthe purchasers with debt assumption andrestructuring matters relatedto this transaction.
Cushman & Wakefield successfully brokered the sale of two prime Midtown Manhattan properties – totaling over 144,000 square feet – known as Times Square West. The final selling price reached an impressive $48 million thanks to C&W representatives Andrew Berry and Charlie Gravina who acted on behalf of sellers:303West42ndStreetRealtyLLCand300West43rdStreetPropertyOwnerLL.ThebuyersofthisdealwereBlakePartners,JAMRealEstatePartners,andTheStrausGroup.ThesecondpropertyisanchoredbyChick-fil-Awhichprovidesastableincomestreamwhilethefirstoneofferspotentialforlease-upasNewYork’sofficemarketcontinuestorecover.
In addition to the sale, Cushman & Wakefield’s Equity Debt & Structured Finance team – led by Gideon Gil and Zachary Kraft – provided valuable advice on debt assumption and restructuring for the buyers. This successful transaction has been reported by Connect CRE as a major office/retail deal in Times Square.
