Invesco, Crown Acquisitions borrow $115M from Fifth Third Bank for retail property in Times Square

Invesco Real Estate and Crown Acquisitions through the entity Gateway Times Square Retail, L.P. as borrower signed a loan agreement with lender Fifth Third Bank valued at $115.0 million for two retail condominium units at 1466 Broadway in Times Square. The deal closed on November 27, 2019 and was recorded on December 9, 2019.

Retailer JD Sports signed a lease for approximately 31,000 square feet of the retail space at 1466 Broadway, in April 2019. United Overseas Bank provided the prior debt, which totaled $110 million. The last time the property sold was December 11, 2012, for $195,800,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link