Bando Construction Acquires New York Manhattan 'Times Square Retail Mall' "Will Transform into K-Mall"

Acquisition of Basement 1 to 2nd Floor Commercial Facility for $100 Million
Chairman Kwon Hong-sa: "Will Establish K Mall by Hosting K-Content and More"

Bando Construction has acquired the Broadway Times Square retail mall located in the heart of Manhattan, New York. This is the first time a domestic construction company has directly purchased a retail mall in the United States.

Bando Construction announced on the 18th that it acquired the Times Square retail mall for $100 million.

Bando Construction announced on the 18th that it has acquired the Times Square retail mall. The retail mall comprises the basement 1 to the 2nd floor of the Times Square building (basement 1 to the 25th floor above ground).

The Times Square retail mall is a landmark representing Manhattan, situated at the intersection of Broadway and 7th Avenue. The retail mall acquired by Bando Construction spans from basement level 1 to the 2nd floor within the Times Square building (basement 1 to 25 floors above ground). The total floor area is 2,380㎡ (720 pyeong) and is currently fully leased without any vacancies.

Times Square in New York attracts an average of 3 million visitors daily, totaling 130 million annually. It is globally recognized as a key destination in New York. The area is lined with dazzling billboards from major corporations and boasts some of the highest advertising costs in the world, reflecting its strong advertising effectiveness.

The Times Square retail mall houses prestigious brands. Among them are the headquarters of Olive Garden, a favorite among New York visitors, the sports goods store Lids, and the ice cream chain Van Leeuwen.

Chairman Kwon Hong-sa of Bando Construction is taking a commemorative photo with Jeff Katz, Chairman of Sherwood Equity, after signing the sales contract. (Photo by Bando Construction)

Bando Construction made the acquisition at a time when the New York real estate market was undergoing a correction and plans to lead the spread of Korean culture by introducing domestic brands such as K-Food and K-Culture. Kwon Hong-sa, Chairman of Bando Construction, stated, "Times Square itself holds the value of a global symbol," adding, "We will transform it into a K-Mall that promotes Korean culture by bringing in major tenants such as K-Content and K-Food to the world-renowned tourist destination of Times Square."

Bando Construction is expanding its business scope by entering key U.S. locations, including housing construction projects in LA and remodeling of a mixed-use building on 55th Street in Midtown Manhattan. Following the completion of 'The BORA 3170,' a project they developed and constructed in LA in March 2023, they broke ground on their second self-developed project, 'THE BORA 3020,' in January. In June, they entered the remodeling business for a mixed-use building on 55th Street in Midtown Manhattan and succeeded in acquiring a commercial facility within a month.

The U.S. local media outlet Commercial Observer reported, "The Times Square retail mall in the heart of New York has come into the hands of the Korean company Bando Construction," adding, "Bando Construction is already conducting two housing development projects in LA, and this time, for their debut in the U.S. acquisition market, they chose a prime real estate asset in the most famous city."