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Retail Condo at 2 Times Square Trades at Nearly $3,900 Per Square Foot
Newmark closed the sale of the retail condominium at 2 Times Square from Sherwood Equities to South Korea’s Bando Construction. The 25,000-square-foot retail space, prominently located at the northern anchor of the Times Square Bowtie at Seventh Avenue and 48th Street, sold for approximately $100 million, or nearly $3,900 per square foot.
Adam Spies, Newmark’s co-head of U.S. capital markets, executive vice chairman Adam Doneger, executive managing director Avery Silverstein, executive vice chairman Marcella Fasulo and associate director Meaghan Philbin facilitated the transaction on behalf of Sherwood Equities.
“Times Square has fully recovered since the COVID-19 pandemic, now welcoming nearly 340,000 daily visitors, with peak days seeing visitor counts surpassing one million,” said Spies. “The sale of this retail condominium underscores the resilience and ongoing appeal of Times Square as a premier destination for retailers and investors.”
The sale was facilitated by a dedicated Newmark team with a track record of successful transactions for Sherwood Equities, including the Renaissance Hotel at 2 Times Square for $165 million and the M&M Store and Signage at 1600 Broadway for $192 million.
- ◦Sale/Acquisition
