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

December 23, 2009 10:01AM

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]


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