One of the troubled retail tenants at Kushner Companies’ big Times Square property has called it quits.
Gulliver’s Gate, the miniature-landscapes tourist attraction that filed for bankruptcy last year, has shut down at Kushner’s 229 West 43rd Street, according to Debtwire.
The two-and-a-half year old company filed for bankruptcy last year with a plan to restructure its business, which reportedly struggled under the weight of its $5.7 million annual rent.
Gulliver’s Gate was not the only retail tenant at Kushner’s property to face hardship: National Geographic got into a dispute with its landlord over rent last year. The two tenants accounted for almost half of the expected rent roll at the property.
Guy Fieri’s American Kitchen restaurant also closed at the building, though Kushner was able to replace it with eatery The Ribbon, from the restaurateurs behind the Blue Ribbon establishments.
Kushner bought the retail portion of the former New York Times building in 2015 for $296 million and financed it with $370 million worth of loans. The $285 million CMBS portion of the debt was transferred to a special servicer earlier this month. [Debtwire] — Rich Bockmann