The Real Deal New York

Kushner secures $370M to refi Times Square retail condo

The company bought the 250K space for $296M last year

October 21, 2016 05:50PM

229 West 43rd Street and Jared Kushner

229 West 43rd Street and Jared Kushner

Jared Kushner’s Kushner Companies landed a $370 million loan from Deutsche Bank and SL Green Realty to refinance its 250,000-square foot retail condominium on West 43rd Street.

The financing includes a $285 million senior note from Deutche Bank and a $85 million mezzanine loan from SL Green, the Commercial Observer reported. JLL’s Keith Kurland and Aaron Appel brokered the debt deals, which are 10-year terms, according to the CO. The new debt replaces a $295 million acquisition loan that Brookfield Property Partners provided Kushner last year.

Kushner Companies bought the space for $296 million from Africa Israel Investments and Five Mile Capital in May last year. The building is landmarked and was once home to the New York Times’ printing plant.

Since buying the space last year, Kushner has fully leased the retail condo. Gulliver’s Gate, which will house the world’s biggest miniature entertainment center, will take 49,000 square feet across two floors of the building. According to the CO, the entertainment firm is paying $300 per square foot for the ground level and $100 per square foot on the second floor.

The retail component will also include National Geographic, Los Tacos No. 1 and a food hall from chef Todd English. [CO] — Miriam Hall

Manhattan Investment Sales – November 1st 2015 to October 1st 2016 – 350+ transactions – $100
Manhattan Active Condominiums – November 1st 2011 to October 1st 2016 – 700+ transactions – $200

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Package title Date Transactions Price
Manhattan Investment Sales Nov 1st 2015 to Oct 1st 2016 350+ $100
Manhattan Active Condominiums Nov 1st 2011 to Oct 1st 2016 700 $200
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