Former New York Times Building to become mall, hotel and condos

The former New York Times Building at 229 West 43rd Street in Times Square, on which owner Africa Israel yesterday announced it had reached a restructuring deal to reduce its debt by 60 percent, is now slated to become a mixed-use luxury center, with a 379-room high-end hotel sandwiched in the middle of a posh retail mall and bowling alley on the lower floors and 26 condo units on top. The 15-story landmark had been slated for a $170 million reinvention, but sits mostly tenantless since Africa Israel head Lev Leviev’s $525 million purchase of the property in 2007 at the height of the market. The senior lender on the building, Mexican bank Banco Inbursa, is providing a $75 million revolving loan for the new conversion, and a 50 percent stake will go to lender Five Mile Capital Partners. Bowlmor Lanes has already inked a deal with Africa Israel on the third and fourth floors, where it plans to open a 50-lane bowling alley in October, and Africa Israel said it is in talks with three investors about the purchase or lease of the fifth through eleventh floors for a hotel. [NYT]