Gulliver’s Gate has officially shut down at Kushner Companies’ 229 West 43rd Street, DebtWire reported. The miniature-landscapes tourist attraction filed for bankruptcy last year and has struggled under the weight of its $5.7 million annual rent.
- Worth Noting: The $285 million CMBS loan on the Kushner Companies’ 250,000-square-foot retail space was transferred to its special servicer earlier this month, an indication that bondholders have concerns about being paid back on schedule.
- Retail woes: National Geographic runs an exhibit about sea life called Ocean Odyssey in the famed old New York Times building, and has also defaulted on its lease. Under an agreement last spring, the company began paying a reduced rent, which it subsequently also fell behind. Guy Fieri’s American Kitchen restaurant also closed at the property, though Kushner was able to replace it with eatery The Ribbon, CO noted.