Adds "Queen of Retail" Faith Hope Consolo, chairman of Douglas Elliman's retail group, "The sale of this property is a sign of faith—pun intended—in the ongoing appeal and stability of New York City real estate. Times Square has become a real retail district, commanding rents more typical of Madison Avenue, and investors understand this will be a healthy income stream. Who wouldn't want to own property at The Crossroads of the World?

A 210,000-square-foot portion of the property fronting the 44th Street side of the building is substantially leased by recognizable tenants with an average remaining lease term of 18 years. On the 43^rd street side, the frontage offers nearly 35,000 square feet of vacant, multilevel space—giving investors the option of either buying the entire retail condominium or dividing it into two sub-condo units—depending on a buyer's needs.

Activity at the property has experienced a significant uptick evidenced by two recently completed leases: Guitar Center for 28,000 square feet and Haru Sushi for 5,300 square feet. The property has received increased interest from potential tenants as a result of a scarcity for large format retail and entertainment space in a location that has such a vast global tourist appeal.

Improved interest also comes at a time when Equity Office continues to renovate and lease its office condo unit on the upper floors of the building, including an 180,000 square foot lease with Yahoo! completed in the middle of 2013.

The property, which features multi-level spaces on the lower six floors of the building are equipped with dedicated vertical transportation and is occupied by well recognized brands including the Discovery Times Square Exhibition, Guy's American Kitchen, the Jekyll & Hyde Club Restaurant & Bar and Bowlmor Times Square.