{"id":1004130967,"date":"2015-11-06T06:57:11","date_gmt":"2015-11-06T14:57:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004130967"},"modified":"2020-04-07T00:29:48","modified_gmt":"2020-04-07T08:29:48","slug":"former-ny-times-hq-commands-296m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/former-ny-times-hq-commands-296m\/","title":{"rendered":"Former NY Times HQ Commands $296M"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Kushner.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004130968\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/former-ny-times-hq-commands-296m\/kushner\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Kushner.jpg\" data-orig-size=\"900,1200\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;5.6&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS DIGITAL REBEL XT&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1310462966&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;55&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.066666666666667&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Kushner\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Kushner.jpg?w=768\" class=\"alignright size-medium wp-image-1004130968\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Kushner.jpg\" alt=\"Kushner\" width=\"225\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Kushner.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Kushner.jpg?resize=225,300 225w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Kushner.jpg?resize=768,1024 768w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a><a href=\"https:\/\/www.kushnercompanies.com\/\" target=\"_blank\" rel=\"nofollow\">Kushner Companies<\/a> has acquired 250,000 square feet of retail condo space in 229 W. 43rd St., a 16-story, 767,000-square-foot mixed-use building, from Africa-Israel USA for $296 million.<\/p>\n<p>The acquisition, the largest in Manhattan this year, included the first three floors, sections of the fourth floor and the sub-basement of the building. CBRE represented the buyer in the transaction.<\/p>\n<p>The historic Time Square building is the former headquarters of The New York Times. The property was acquired by AFI-USA and Five Mile Capital Partners in June of 2007 for $530 million. Columbia Property Trust now owns the approximately 500,000-square-foot office portion of the building, <a href=\"https:\/\/www.commercialsearch.com\/news\/columbia-takes-giant-bite-out-of-big-apple\/\">acquiring it this past August<\/a>.<\/p>\n<p>\u201cOne of the things that drew the Kushner family to the property was that it respected and loved the fact that it was the former headquarters of the <em>New York Times<\/em>; the Kushner family owns the <em>New York Observer<\/em> and are in the newspaper business, so to own this asset has special meaning because of that,\u201d Lon Rubackin, CBRE\u2019s senior vice president of retail, told <em>Commercial Property Executive<\/em>. \u201cAlso, as New Yorkers they recognize the significance of the paper and what it did for the neighborhood.\u201d<\/p>\n<p>Current tenants include Discovery Times Square Exhibition, Bowlmor Times Square, Guitar Center and Haru Sushi.<\/p>\n<p>\u201cFrom an economic standpoint, it\u2019s probably the least expensive deal in Times Square, with the most amount of space,\u201d Gary Trock, CBRE\u2019s senior vice president of retail, told <em>CPE<\/em>. \u201cWith rents in Times Square skyrocketing, this is an opportunity for people who want to be in Times Square with great signage in a premier retail property.\u201d<\/p>\n<p>The 43<sup>rd<\/sup> St. fa\u00e7ade of the building was designated a historic landmark, but that doesn\u2019t affect the retail signage.<\/p>\n<p>Currently, the retail portion of the building is around 75 percent occupied, and CBRE is actively working to help Kushner fill the remaining space.<\/p>\n<p>\u201cThe Kushners had their eye on this property for a while and got aggressive around this past January,\u201d Trock said. \u201cThey saw this as a financial opportunity, and a very rare opportunity.\u201d<\/p>\n<p>Helen Hwang, formerly of Cushman &amp; Wakefield and now with Meridian Investment Sales, represented AFI-USA in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kushner Companies has acquired 250,000 square feet of retail condo space in 229 West 43rd St.<\/p>\n","protected":false},"author":451,"featured_media":1004131211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,1600,21742,10,21749],"tags":[],"class_list":["post-1004130967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-new-york","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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