Manhattan Asset Changes Hands for $62M

Xin Capital has acquired Times Square West, a two-building, 144,500-square-foot office and retail property in Manhattan. The property changed hands for $62 million, Crain’s New York Business reported. White Oak Real Estate Capital provided a $51 million loan for the purchase.

The joint venture of Blake Partners, JAM Real Estate and The Straus Group sold the asset formerly known as The Hive. The partnership had purchased it in November 2024 for $48 million, according to Yardi Research Data.

Originally completed in 1928 as stores, the buildings were converted to primarily office use in 2020 and 2021, respectively. The property underwent extensive renovations from 2021 to 2023, which divided it into two office and two retail condominiums. The office component measures 127,000 square feet, while the retail one occupies 17,500 square feet.

A fully leased Manhattan asset

The retail condominiums are fully leased to several tenants, including Chick-fil-A, Smashburger, McDonald’s, 7-Eleven, Dunkin Donuts and Little Italy Pizza. For the office space, Xin Capital has secured a master lease with a global food and beverage operator, which occupies the entire rentable space.

Rising six and 13 stories at 303 W. 42nd St. and 300 W. 43rd St., Times Square West is across the street from the Post Authority Bus Terminal and the subway station on 42nd Street. The property is also within walking distance of a 1.8 million-square-foot tower that was recently refinanced in one of this year’s largest Manhattan deals.

The borough’s office market saw nearly $2.8 billion in sales year-to-date as of June, the latest Yardi Matrix report shows. As for vacancy rates, Manhattan’s fell to 15.2 percent during the same month, reflecting a negative 130-basis-point change over the year.