Frames knocks down new 10-year lease at PA Bus Terminal
Bowling alley will pay $16M over the decade for almost 37K sf
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