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Times Square Retail Condo Trades at North of $190M
In one of New York City’s largest retail transactions since the onset of the pandemic, a three-story retail condominium at residential tower 1600 Broadway has traded for more than $190 million, according to sources familiar with the transaction. Paramount Group and an unnamed partner acquired the condo from Sherwood Equities.
The 25,000-square-foot retail condo near Times Square is occupied by M&M’s World, whose lease extends to 2036, the Wall Street Journal reported. Sources said a Cushman & Wakefield team led by Doug Harmon and Adam Spies, Adam Doneger, Marcella Fasulo and Avery Silverstein arranged the transaction. Cushman & Wakefield declined to comment.
Citing data from the Times Square Alliance, the WSJ reported that an average of 233,000 people per day visited Times Square in November. Although that figure is down 31% from pre-pandemic, it’s more than double the volume seen a year ago.
- ◦Sale/Acquisition
