The Real Deal New York

Cushman & Wakefield to market retail at old NYT building

By Mark Maurer | January 29, 2014 12:00PM

Africa Israel USA and Five Mile Capital Partners have brought on Cushman & Wakefield to market the flagship 250,000-square-foot retail condominium space for sale at the old New York Times building.

The 800,000-square-foot property, also known as the Times Square Building, Is Located Along 43rd And 44th Street and between Seventh and Eighth avenues. In recent months, musical instrument retailer Guitar Center and Japanese restaurant chain Haru have signed for 28,000 square feet and 5,300 square feet in the building, respectively.

The members of Cushman & Wakefield’s New York capital markets team – Nat Rockett, Brian Szczapa, Gideon Gil, David Green, Helen Hwang and Karen Wiedenmann – will market the site for the landlords.

The asking rent for Guitar Center was $2.3 million per year, or about $80 per square foot blended over both floors, as The Real Deal reported.

A 210,000-square-foot space with frontage on 44th Street is currently leased by Guy’s American Kitchen and Discovery Times Square Exhibition. It holds an average leasing term of 18 years remaining. Another 35,000-square-foot multilevel space with frontage on 43rd Street is available.