Kushner Evicting Times Square Tenant, Endangering Loan Payments
- Rent woes for Gulliver’s Gate, with its mini-Manhattan
- Deutsche Bank issued $285 million to property in October 2016
This article is for subscribers only.
Kushner Cos. has begun evicting its second-largest tenant from a Times Square tourism property, endangering at least $285 million of loans backed by rents there.
Lenders approved the termination of the lease for the tenant, Gulliver’s Gate, at the end of last year, according to debt filings. The attraction, which exhibits miniature models of Manhattan and other world cities and landmarks, accounted for more than a fifth of the property’s rent-roll but hadn’t been paying since November, the filings show.