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EXCLUSIVE: Suitors Make Play for Times Square Landmark

NEW YORK CITY-Suitors are lining up for 6 Times Square, GlobeSt.com has learned. A source says the site of the former Knickerbocker Hotel could trade for more than $300 million and be converted back to a hotel.

By Barbara Jarvie and John Salustri | Updated on March 30, 2006

NEW YORK CITY-GlobeSt.com has learned that 6 Times Square is in play with one source saying the former site of the Knickerbocker Hotel could trade at a price in excess of $300 million. Doug Harmon of Eastdil is exclusively representing the seller. Harmon when reached for comment tells GlobeSt.com, “The property is not officially on the market; however, we are assessing some strong, early, pre-emptive interest from a few aggressive prospects.” Sources say interested parties are considering the site for hotel conversion.

In September 2004, Sitt Asset Management contracted to acquire the site from SL Green Realty for $160 million. In that transaction, Harmon served as the exclusive broker for SL Green. At the time, Sitt said it was considering converting the upstairs portion of the 315,000-sf site to a hotel. Current tenants include retailer the Gap, Kellwood, LEI-Jones NY and Quicksilver. Office space goes for a range in the 40s per sf.

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