Gulliver’s Gate closes at Kushner’s Times Square property

Tourist attraction calls it quits after filing for bankruptcy

TRD NEW YORK /
Jan.January 27, 2020 05:30 PM
Scale model of Manhattan at Gulliver's Gate (Credit: Getty Images)

Scale model of Manhattan at Gulliver’s Gate (Credit: Getty Images)

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


Related Articles

arrow_forward_ios
PVH CEO Emanuel Chirico and Macy's CEO Jeffrey Gennette (Chirico by Lars Ronbog/Getty Images for Copenhagen Fashion Summit; Gennette by Mireya Acierto/WireImage)

Nation’s biggest department stores could run out of funds in a month: Goldman Sachs

Dean & Deluca CEO Sorapoj Techakraisri and Midtown Equities founder Joseph Cayre (Credit: Craig Barritt/Getty Images, Facebook, iStock)

In Chapter 11 filing, Dean & DeLuca reveals it owes Midtown Equities $22M

Urban Outfitters CEO Richard A. Hayne and Ralph Lauren store CEO Patrice Louvet (Credit: Getty Images)

More major retailers furlough employees, withhold rent

Macy’s in Herald Square and CEO Jeff Gennette (Credit: Google Maps, D Dipasupil/FilmMagic)

Macy’s announces furloughs for “majority” of its workers

(Credit: iStock)

NY restaurants, hotels warn of mass layoffs as US sees record jobless claims

Charles Kushner and 331 East 9th Street (Credit: Kusner Photo by Ilir Bajraktari/Patrick McMullan via Getty Images; Google Maps)

Judge grants Kushner tenants free rent at East Village complex

The lifeline would allow the company to continue operating while it puts together a recovery plan. (Photo by Noam Galai/Getty Images)

Neiman Marcus in talks about possible bankruptcy: report

Robert Taubman and David Simon (Credit: Donato Sardella/Getty Images, Mireya Acierto/Getty Images, iStock)

With malls shut, what happens to Simon and Taubman’s deal?

arrow_forward_ios
Loading...