Brick & Mortar Meltdown Manhattan Style: Lenders Foreclose on Times Square Tower whose Six Retail Floors are 90% Vacant

by Wolf Richter
Wolf Street

Wow, that was fast: In default is a $650 million portion of a $2 billion loan package, signed in 2018.

“20 Times Square,” a newly built tower at 701 Seventh Avenue in Manhattan, has six retail floors, two underground and four above ground, totaling 75,000 square feet of rentable space. On top of the retail space is the 452 room Edition Hotel. Work started in 2015, when Manhattan’s brick-and-mortar retail properties were still flying high.

The property features “200 linear feet of wraparound frontage” with a “25-foot-tall glass storefront,” plus on the outside of the building – this being Times Square – an 18,000 square foot high-definition LED screen. “Be in the heart of the heart,” the property’s website says, in terms of renting retail space at Times Square. “Retail with the power to move you,” it promises.

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