Sherwood Equities has sold the retail condominium at 2 Times Square to South Korea’s Bando Construction, for $100 million, announced Newmark. The 25,000-square-foot retail space, located at the northern anchor of the Times Square Bowtie at Seventh Avenue and 48th Street, sold for nearly $3,900 per square foot. Newmark’s Co-head of U.S. Capital Markets Adam Spies, 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.
“There is no retail environment as exciting as Times Square, with a constant flow of tourists from around the world,” said Jonny Snider of Sherwood Equities. Other Sherwood Equities projects in the district include 1600 Broadway and 1 Times Square, home of the New Year’s Eve ball drop.
2 Times Square is anchored by the flagship and highest-grossing Olive Garden, a staple at the property for over 20 years. The retail condominium boasts other notable tenants, including Van Leeuwen’s, Lids and Max Brenner. The location attracts over 340,000 pedestrians daily.
2 Times Square is a mixed-use asset featuring retail, hospitality and signage components. In October 2023, the hotel portion of the property was sold to Newbond and Apollo for $165 million. Times Square remains a powerhouse of economic activity, directly responsible for $74 billion in economic output and accounting for 5% of New York City’s economy and 12% of its total employment despite comprising just 0.1% of its land area.
