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

New York /
Dec.December 23, 2009 10:01 AM

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]


Related Articles

arrow_forward_ios
Hilton CEO Christopher Nassetta and the hotel at 234 West 42nd Street (Google Maps; Getty; Hotel Planner)
Hilton Times Square to close permanently
Hilton Times Square to close permanently
The M&M’s store at 1600 Broadway (Credit: Google Maps)
Home of M&M’s Times Square store for sale, asking $200M
Home of M&M’s Times Square store for sale, asking $200M
Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)
All the news that’s fit for Queens: NYT inks lease in Long Island City
All the news that’s fit for Queens: NYT inks lease in Long Island City
New York’s most viewed building is getting a facelift
New York’s most viewed building is getting a facelift
New York’s most viewed building is getting a facelift
Loans, loans, loans: Estate of porn prince refinances Times Square properties
Loans, loans, loans: Estate of porn prince refinances Times Square properties
Loans, loans, loans: Estate of porn prince refinances Times Square properties
Lev Leviev’s son, brother arrested on diamond smuggling charges: report
Lev Leviev’s son, brother arrested on diamond smuggling charges: report
Lev Leviev’s son, brother arrested on diamond smuggling charges: report
National Cheat Sheet: Och-Ziff to launch $2B real estate fund … & more
National Cheat Sheet: Och-Ziff to launch $2B real estate fund … & more
National Cheat Sheet: Och-Ziff to launch $2B real estate fund … & more
Fumble: Times Square’s NFL Experience to close at end of September
Fumble: Times Square’s NFL Experience to close at end of September
Fumble: Times Square’s NFL Experience to close at end of September
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...