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A recently renovated two-building commercial property has yet to find any office tenants, so its owner is testing the waters to see if an occupier or developer wants to buy it outright.
Cushman & Wakefield is marketing The Hive, a two-building complex along Midtown’s Eighth Avenue, to buyers shortly after years-long building renovations were completed, Bisnow has learned.
The brokerage has the property listed on its website, and marketing materials show that a 100% fee simple interest for the properties at 303 W. 42nd St. and 300 W. 43rd St. is for sale.
The property has apparently been rebranded as Times Square West, based on the marketing brochure, but a separate listing on C&W's website offering the ground-floor retail as a condominium or co-op still uses The Hive branding.
The mixed-use development by KRW Realty Advisors consists of a 13-story structure and a six-story structure. It has more than 144K SF combined, with 128K SF of office and 16K SF of retail. It also features an estimated 42K SF of air rights, according to marketing materials.
The listing says the price is negotiable, but the seller is asking $415.94 “per unit,” which would pencil out to $60M if the units are categorized as square feet.
A spokesperson for Cushman & Wakefield confirmed that Director Andrew Berry and associate Charlie Gravina are marketing the property but declined to comment further. KRW owner Kevin Wang didn't immediately respond to a LinkedIn message from Bisnow and was unreachable otherwise.
The complex was gut-renovated starting in 2018 and was completed in 2023, according to the listing. All five storefronts are leased with a weighted average lease term of 14.7 years. Chick-fil-A is the anchor tenant, and the other spaces are leased to Dunkin', Smashburger, 7-Eleven and a pizzeria.
Despite the building improvements, the office space is completely vacant. Office availability in Manhattan is at an all-time-high 20%, according to Savills.
The materials advertise that a buyer could either lease out the office space or it could be owner-occupied. It says this is the first time the buildings, which have more than 200 feet of frontage along Eighth Avenue and 42nd and 43rd streets, has hit the market in more than 50 years.
In addition to the interior renovations, a massive LED billboard screen was installed on the corner of the development and details to the facade were added, according to New York YIMBY.
The building is hitting the market amid one of the slowest sales environments in recent memory, with just $9.7B in commercial properties selling last year, a 55% drop from 2022, according to Avison Young.
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