Frames knocks down new 10-year lease at PA Bus Terminal

Bowling alley will pay $16M over the decade for almost 37K sf

New York /
Feb.February 19, 2016 09:30 AM

Frames Bowling Lounge’s kingpin status at the Port Authority Bus Terminal is intact — the bowling alley renewed its lease for another 10 years for $16.3 million.

The bistate agency approved the lease extension of Frames, which has made its home at the Midtown terminal since 2003.

The bowling alley will now occupy 36,900 square feet at the bus depot between West 40th and West 42nd streets on Eighth Avenue.

Frames will occupy 34,500 square feet on the second floor of the terminal’s south wing, in addition to 1,900 square feet on the lower level and 500 square feet of storage space, the New York Observer reported.

In the new lease deal, it appears Frames will relinquish an unspecified space on the lower level to make room for a new retail tenant.

The Port Authority has been looking to upgrade its retail at the terminal and to re-tenant 150,000 square feet of retail at the property, and add another 13,000 square feet along Ninth Avenue. Cushman & Wakefield and JRT Realty Group handle retail leasing at the terminal.

A New Food Court is also in the works, with OHM Concession Group inking a 10-year lease for about 6,000 square feet over three spaces. That deal will bring in around $15.2 million for the authority.

The long-term future of the bus terminal remains in doubt, however, with ongoing discussions over a new West Side location that could see the current terminal replaced by a condo tower. [NYO]Dusica Sue Malesevic


Related Articles

arrow_forward_ios
From left: Cushman & Wakefield chairman Brett White and Newmark CEO Barry Gosin (Cushman & Wakefield, Newmark, iStock)
Rumors fly regarding Cushman-Newmark merger: report
Rumors fly regarding Cushman-Newmark merger: report
1290 Sixth Avenue and Cushman & Wakefield's Toby Dodd (Google Maps, Cushman & Wakefield, iStock)
Cushman & Wakefield on the hunt for new NYC office
Cushman & Wakefield on the hunt for new NYC office
(photos by Joe Lovinger/The Real Deal)
Day 2 of ICSC: Retailers button up to network, prep for uncertain future
Day 2 of ICSC: Retailers button up to network, prep for uncertain future
Donald Trump, Brett White, and Letitia James with 40 Wall Street (Getty, Cushman & Wakefield, 40 Wall Street, iStock)
Cushman pushes back on subpoena in Trump property probe
Cushman pushes back on subpoena in Trump property probe
Judge Arthur Engoron, Cushman & Wakefield's Brett White, former U.S. president Donald Trump (LinkedIn, Getty Images, Illustration by Kevin Cifuentes for The Real Deal)
Judge says Cushman failed to properly value Trump properties
Judge says Cushman failed to properly value Trump properties
Former president Donald Trump, Cushman & Wakefield's Brett White and Attorney General Letitia James with 40 Wall Street (Getty, Cushman & Wakefield, ChrisRuvolo Public domain via Wikimedia Commons, iStock)
Cushman must play ball in Trump property probe: judge
Cushman must play ball in Trump property probe: judge
From left: Donald Trump, Cushman & Wakefield's Brett White and Letitia James with 40 Wall Street (Getty)
New York AG to Cushman: Comply in Trump probe
New York AG to Cushman: Comply in Trump probe
The Allure at 850 Pacific Street, The Escape at 880 Pacific Street and The Lofts at 200 Henry Street, all in Harbor Point (Apartments.com)
Stamford’s biggest developer under fire after partial building failures
Stamford’s biggest developer under fire after partial building failures
arrow_forward_ios

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

Loading...