In a deal that marks another significant transaction in Manhattan's dynamic real estate market, a cluster of properties in Times Square with a storied past has changed hands. A partnership between Blake Partners, JAM Real Estate Partners, and The Straus Group has purchased two adjacent buildings, fondly known as Times Square West, for a combined $48 million. This was confirmed by real estate services firm Cushman & Wakefield, who facilitated the sale.
The properties, located at 300 W. 43rd St. and 303 W. 42nd St., span more than 144,000 square feet of space between Eighth and Ninth avenues. While the ground floors host a variety of fast-food chains, including Chick-fil-A, Smashburger, 7-Eleven, Little Italy Pizza, and Dunkin', the office spaces above remain unoccupied. As reported by Crain's New York, these buildings were once the home of the Show World Center, a large adult entertainment complex that closed its doors in 2018.
KRW Realty Advisors, the seller represented by Cushman & Wakefield's brokers Andrew Berry and Charlie Gravina, had owned the buildings through specific entities since 2002. These entities were named 303 West 42nd Street Realty LLC and 300 West 43rd Street Property Owner LLC, as detailed records show. The office space, following a gut renovation in 2023, now stands vacant, waiting for tenants to realize its potential amidst a recovering New York office market.
"The recent renovations have transformed Times Square West into a premiere destination for both office and retail tenants," Berry said, highlighting the opportunity that the vacant office space presents. According to an interview obtained by BizJournals, Berry adds, "The fully occupied retail space, anchored by Chick-fil-A, provides a stable income stream, while the vacant office space offers significant lease-up potential as New York’s office market continues its recovery."
