The Hive - Retail & Office

Investment Sales Contacts

Andrew Berry
andrew.berry@cushwake.com / (212) 589-5124

Will Conrad
william.conrad@cushwake.com / (212) 660-7740

Josh King
josh.king@nmrk.com / (212) 850-5427

Charlie Gravina

charlie.gravina@cushwake.com / (212) 841-7580

Financing Contact

Gideon Gil

gideon.gil@cushwake.com / (212) 841-9231

Investment Highlights

Square Footage Summary

• Combined Total RSF: 144,251
• Combined Office RSF: 128,032
• Combined Retail RSF: 16,219 

Office Floor Plate Sizes

• 303 West 42nd Street: 4,424 - 17,448 RSF
• 300 West 43rd Street: 12,656 RSF

Retail Tenancy WALT: 14.7 years

Combined Frontage: 217' 

Year Renovated: 2021 

Available Air Rights: 42,000 approx. 

Executive Summary

Cushman & Wakefield has been exclusively retained to offer for sale a 100% fee simple interest in 303 West 42nd Street (aka 669 Eighth Avenue) and 300 West 43rd Street (aka 675 Eighth Avenue) (“The Property”), collectively named Times Square West (“TSW”). The Property consists of two adjacent office buildings that line the majority of the west side of Eighth Avenue between West 42nd Street and West 43rd Street in the Times Square West neighborhood of Manhattan. The Property features 121’ of frontage on Eighth Avenue, 16’ of frontage on West 42nd Street and 80’ of frontage on West 43rd Street. The two boutique office buildings span a combined gross square footage of 144,251, consisting of 16,219 SF of retail space and 128,032 SF of renovated office above. There is also an additional 40,000 square feet of air rights allowing for future development opportunity.
TSW recently underwent a full gut rehabilitation, completed in 2023, making this a true turnkey opportunity for a new investor or occupier. The retail at TSW spans five storefronts and is 100% occupied by a best-in-class tenant roster, anchored by Chick-fil-A at the corner of Eighth Avenue and West 43rd Street. The office space is currently vacant and is in turnkey condition, allowing a new investor to add value through its own lease-up program or a blank slate opportunity for an occupier to take possession immediately. The Property is located at the confluence of one of the most dynamic and transit-rich commercial corridors in the World.
Times Square West presents an opportunity to acquire two boutique commercial buildings on a free and clear basis, without the need for further base building work or capital expenditures. The contractual cash flows buoyed by the retail occupancy provide a safe runway for an investor to complete its business plan or complimentary cash flows for an occupier looks to own its next headquarters.

Investment Highlights

• Unique opportunity to acquire two completely redeveloped adjacent office buildings on the western edge of Times Square. This is the first time these buildings have been offered for sale in over 50 years.
• The Property underwent a full gut renovation beginning in 2018, converting these antiquated buildings into best-in-class office and retail buildings. The redevelopment was completed in 2023 and is a true turnkey opportunity for
  future occupiers.
• As a testament to the location and the quality of work that was done, the Property’s five retail storefronts are 100% occupied by a strong tenant roster that perfectly caters to the immediate neighborhood. The five storefronts, anchored
  by Chick-fil-A, have a weighted average lease term (WALT) of 14.7 Years.
• In addition to the existing footprint, there is excellent future development opportunity as a result of an additional approximately 42,000 square feet of air rights. Furthermore, future ownership can further increase the development
  potential through the purchase of either Inclusionary Certificates or Transferable Development Rights (“TDRs”) through the Theater Subdistrict Transfer Program.
• The Property also benefits from a 10-Year ICAP (Industrial & Commercial Abatement Program) Tax Abatement which will provide much needed property tax relief during the lease-up process.
• The Property’s fundamentals are supported by its immediate proximity to the most transit-rich corridors in New York. TSW is located one block from the Port Authority Bus Terminal, steps from & subway lines and just eight blocks north of Penn Station and the recently reimagined Moynihan Train Station.