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.
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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]