$100M deal for stake in Times Square retail condo

TRD New York /
Dec.December 21, 2012 02:00 PM

Walton Street Capital sold to Invesco its majority stake in the 50,000-square-foot retail condominium at 1466 Broadway in Times Square for upwards of $100 million, Crain’s reported. As a result of the deal, Invesco will now be among the three owners of the space, which is valued at $200 million. Crown Acquisitions and Highgate Holdings are the space’s other stakeholders. Adam Spies and Doug Harmon helped arrange the deal.

The Gap leases roughly 40,000 square feet of the retail condo and, according to Haim Chera of Crown Acquisitions. The fashion retailer pays about $7 million each year in rent — which Chera said was below market rate. Nearby at 4 Times Square, Swedish retailer H&M has agreed to pay $20 million annually for a previously reported 45,000 square feet.

“We think this space will lease for similar numbers,” Chera told Crain’s. [Crain’s]Zachary Kussin


Related Articles

arrow_forward_ios
Gap at 170 Broadway and Gap CEO Sonia Syngal (Photo via Google Maps; Syngal by MANDEL NGAN/AFP via Getty Images)

Gap landlord defaults on $70M FiDi loan

Gap landlord defaults on $70M FiDi loan
Gap Senior Director of Real Estate Jennifer Rondholz, Morgan Stanley Prime Property Fund head Scott Brown and 170 Broadway (Linkedin, Google Maps)

Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent

Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent
Caption: Stanley Chera (Photo by Patrick McMullan/Patrick McMullan via Getty Images)

Stanley Chera, titan of NYC retail, dies of coronavirus

Stanley Chera, titan of NYC retail, dies of coronavirus
Stanley Chera (Credit: Patrick McMullan/Patrick McMullan via Getty Images)

Stanley Chera in coma with Covid-19

Stanley Chera in coma with Covid-19
Stanley Chera, Event Chairman

Crown Acquisitions’ Stanley Chera hospitalized

Crown Acquisitions’ Stanley Chera hospitalized
Nusret Gökçe aka Salt Bae, 413-421 West 14th Street (foreground) and 412 West 15th Street (Credit: Getty Images, iStock)

Rockpoint, Highgate slice $75M off price of Meatpacking site

Rockpoint, Highgate slice $75M off price of Meatpacking site
From left: Brookfield's Ric Clark, 3333 Broadway and L+M's Ron Moelis (Credit: Brookfield, L+M, StreetEasy)

L+M, Invesco close on Putnam portfolio with $823M in Wells Fargo financing

L+M, Invesco close on Putnam portfolio with $823M in Wells Fargo financing
130 Prince Street

Madison Capital buys Soho building for $206M

Madison Capital buys Soho building for $206M
arrow_forward_ios

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

Loading...