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New York City — A Delaware-based private venture doing business as Forum at Times Square has acquired 245,419 square feet of retail space in the former New York Times building for $28 million. Jack Stillwagon and Doug Middleton of CBRE Capital Markets brokered the transaction. Jay Miller and AJ Felberbaum of BayBridge Real Estate Capital represented the buyer.
Since 2020, the property’s mortgage has been in various stages of special servicing, foreclosure and receivership, prior to being acquired by the lender group in a 2024 foreclosure auction.
The retail portion of the building — which comprises the first four floors and two lower levels — is currently 34.5 percent leased. Redevelopment plans for the building have not been disclosed.