In a transaction that illustrates the continued demand for high-quality family entertainment options in Manhattan's Times Square, Africa Israel USA (AFI USA), on behalf of its joint venture with Five Mile Capital Partners LLC, signed a 23,452 s/f lease with a popular theme-based restaurant at its Times Square Building, 229 West 43rd St. The transaction was unveiled by Tamir Kazaz, AFI USA's CEO.
"Adventure Entertainment, LLC has secured a marquis location that will support its business for years to come," Kazaz said.
"This transaction is an important step in our repurposing plan for the Time Square Building from an office building to a multi-use entertainment destination that will include a hotel. With the completion of this lease, the property has achieved nearly 80% occupancy in its retail complex destination, which I expect to be fully leased by the end of this year," said Kazaz
The themed restaurant will occupy space on the ground and second floors of the six-floor retail complex within Times Square Building. Its entrance will be on 44th St., between 7th and 8th Ave., and is slated to open before Christmas.
"The Times Square Building is an established dynamic destination for visitors, boasting such prominent retail and entertainment tenants including Daffy's, Bowlmor Times Square and Discovery Times Square Exhibitions' Pompeii and Harry Potter shows," said Laurie Golub, general counsel and managing director of business affairs of AFI USA.
"This prime location on 44th­ St. with its Times Square exposure will greatly enhance the restaurant's brand awareness for New Yorkers and the nearly 38 million visitors that come to Times Square each year," said Golub.
AFI USA was represented internally by Golub, and by Joshua Strauss and Spencer Levy of Robert K. Futterman and Associates (RKF). Adventure Entertainment, LLC was represented by Jeffrey Roseman of Newmark Knight Frank (NKF). Marc Becker, Esq., Spencer Stein, Esq. and Jenny Kim, Esq. of Goldfarb & Fleece were the attorneys who represented AFI USA in connection with the transaction. Lawrence Rader, Esq. represented Adventure Entertainment, LLC in connection with the transaction.

AFI USA, a subsidiary of Africa Israel Investments, Ltd., is a real estate development company operating throughout the United States. Headquartered in Manhattan, it manages assets in New York City, Miami, Los Angeles and San Francisco.

AFI USA has a diverse portfolio of developments and income-generating properties that serve both residential and commercial uses. AFI USA has built a reputation of excellence in its residential developments introducing some of the top brands in the residential market including 20 Pine by Armani Casa, Downtown by Philippe Starck, The Apthorp, the District in 111 Fulton, The Marquis residential tower in Miami, and more. AFI USA's prime focus is the development of real estate, and to this end has set up an in house infrastructure for all aspects of that process including construction, marketing, and sales.

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