Toy Center is sold for $350m.
The deal marks the first time the International Toy Center has been sold in the past 54 years and might signify a new era in the complex' history.
"Wien & Malkin is proud to have represented ownership and led the operation [of 200 Fifth Ave. and 1107 Broadway] for more than five decades, is appreciative of the hard work of so many who have made them such extraordinary investments and is grateful to its investors for the confidence they have shown in us since we purchased the Toy Center in 1950," said Peter L. Malkin, president of W&M Supervisory Services, in an official statement.
While it has served as a showcase for toy manufacturers for the past 50 years, the International Toy Center would also be a good candidate for a residential or a hotel conversion and there is speculation that its new owners might do just that with the buildings. According to published reports, the Chetrit brothers are currently in the process of converting the Windsor Park hotel into a residential condominium.
However, the new owners' plans will remain vague for a while as they prefer to keep the details of the deal out of the press.
CB Richard Ellis' Darcy Stacom and Bill Shanahan negotiated the transaction.
Cushman & Wakefield, which manages the complex, just announced it signed leases totaling more than 100,000 square feet of showroom space at its landmark buildings at 200 Fifth Avenue and 1107 Broadway for the 2004 calendar year.
Heading the list of recent signees is Smiffy's, a Great Britain icon for more than 100 years and one of the largest costume, party and novelty companies in Europe.
Franco American Novelty and Morbid Industries are additional seasonal products companies new to the ITC. First Imperial Trading Company (FITCO) has expanded its showroom presence and longtime tenant, Janobil, a manufacturer's representative, has renewed its lease. Terms of the leases were not announced.
In a statement prior to the ITC sale announcement, Albert Cleary, senior director for Cushman & Wakefield, said, "Smiffy's, GUND, and Bandai are all high caliber tenants that we've been able to attract or retain this year. It shows they believe that the ITC is the place to be for anyone who is in the Children's Entertainment or Seasonal Products markets." Additional brand leaders signing leases at the ITC in 2004 include Corgi Classics and RoseArt Industries.
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|Publication:||Real Estate Weekly|
|Date:||Jan 12, 2005|
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