South Korea’s Bando Engineering & Construction (E&C) Co. announced on July 18 that it has purchased a part of a building in the commercial district of New York that is widely considered a landmark of New York City.
Bando E&C said it has purchased the section from the basement level to the second floor of the ‘2 Times Square’ building on Broadway in Manhattan, New York, for about $100 million.
The approximately 2,380 square meters of real estate Bando E&C has purchased serves as a retail mall complex of the 25-floor building.
Located at the intersection of Broadway and 7th Avenue, this building is widely known both domestically and internationally for its flash billboard advertisements. Companies like Samsung Electronics and Coca-Cola have been advertising on the building’s exterior billboards for decades. The building also appeared in the movie “Spider-Man,” making it a key stop for tourists visiting New York.
Currently, the floors acquired by Bando E&C house well-known brands, including the franchise restaurant Olive Garden and the sports merchandise retailer Lids, boasting a zero percent vacancy rate.
Bando E&C noted that this is the first time a Korean construction company has purchased a retail mall with such symbolic significance in the U.S.
They plan to target more than 130 million annual visitors to the area by introducing K-content and K-food to promote Korean culture.
Last month, Bando E&C also acquired a mixed-use apartment complex in Midtown Manhattan, venturing into the remodeling business.
BY YOUNGNAM KIM [kim.youngnam@koreadaily.com]
