The retail real estate market is recovering, and investors are interested in premium properties again.
A partnership between Paramount Group and an investment trust is expected to pay more than $190 million for the Manhattan retail space that houses M&M's World. The Wall Street Journal reported this, citing market sources.
Sherwood Equities owns the building, but the space was up for sale in 2019, but buyers had no offers due to the pandemic.
The famous M&M's World store opened in Times Square in 2006. The three-level retail space totals about 2,300 square feet. The lease for the retail space expires in 2036.
Experts point out that the retail real estate market is recovering, and investors are again interested in premium properties. So, in September 2021, a building on Fifth Avenue, where Duane Reade and UGG are located, was sold for $190 million. In June, the Japanese clothing brand Uniqlo bought the building at 546 Broadway, where its flagship store has been located since 2006, for $160 million.
The influx of tourists and office workers has breathed much-needed life into New York City's main shopping corridors. However, the intensity of shopper traffic in most locations still lags behind pre-recession levels.