Tishman buys Times Square commercial building for $40M
Developer has ground leased the Regal Cinemas-anchored property since 1997
After years of ground leasing it from the city, Tishman Realty Corporation threw down $40 million to buy a commercial building at 660-668 Eighth Avenue in Times Square.
The six-story, 150,000-square-foot building, part of the E Walk retail complex, contains 16 commercial units total. Of that, 90,000 square feet are devoted to offices, and 60,000 square feet to retail, according to Reonomy.
Tishman has been ground leasing the building since 1997 under the name Dream Team Hotel Associates, LCC, according to property records.
The company had an existing $82 million mortgage on the property from Wells Fargo, and received an addition $58 million in new mortgages for the purchase.
Daniel Tishman, the company’s vice chairman, recently joined the board at California-based tech startup Ecorithm, which he helped fund.
Neither Tishman nor the city immediately returned a request for comment.