2 Times Square

Sherwood Equities, pivotal in Times Square’s transformation in the ’90s, seeks to sell a 26,000-square-foot retail condo at 2 Times Square for around $90 million. The property, fully leased with tenants like Olive Garden, offers a chance to increase rents, as they’re currently 30% below market rates. Times Square’s retail corridor saw a 19% increase in asking rents last quarter, reaching $1,995 per square foot. Sherwood, led by CEO Jeffrey Katz, previously sold retail space at 1600 Broadway and the hotel portion of 2 Times Square. Newmark handles the sale.