The Bush Tower; also known as 130 West 42nd, has now been taken off the market. Managed and leased by American Properties, whose parent company is Lavoisier, the 231,000 square-footer had been offered through CB Commercial, but sources say offers were not meeting with the pricing expectations. The offshore group also owns that little development site to the west next door at 140 West, and now plans to develop it themselves.
The vast majority of the building is leased, and Co Star is showing only a 12,000 square-foot retail space available for an asking of $110 afoot, along with some scattered small office suites. "We are trying to assemble some of the retail so it's being left vacant," explained Nicholas Ghattas of American, who confirmed they themselves are going to develop the land and continue to upgrade the building. "It's a landmark, and is a modern building in a historical shell," he said.
They are working on a feasibility study to determine the best use for the next door parcel, which has 75,000 square feet as of right, and up to 130,000 square feet with variances. "It can be a hotel or an office or even four stories of retail only," suggested Ghattas, whose parent company has owned it for 18 years and has self-managed it onsite for 15 years. "We've moved it from what it was... to one of the better buildings in the area," he continued. "Our tenants are friendly, and we are in the building and always attend to them, and we have 24-hour services."
The plans will capitalize on the resurgence of Times Square and Bryant Park..