Justin Timberlake and Tiger Woods Launch New Business Venture Together

Justin Timberlake and Tiger Woods are the co-owners of a new sports bar in New York City. The Manhattan bar is called T-Squared Social, located on East 42nd Street, and the space has been developed as a joint effort between NEXUS Luxury Collection and 8AM Golf, according to a press release shared with PEOPLE.

In addition to domestic and international draft beers and a large selection of local and international wines, the venue's drink menu also offers craft cocktails and non-alcoholic mocktails. There is a food menu that provides an "elevated take" on classics, such as flatbreads, sandwiches, and salads, as well as small and large shareable plates that a group can share.

One of the oldest banks in the United States, Emigrant Savings Bank, is the site of Timberlake and Woods' new venture, owned by Howard Milstein, who also owns 8AM Golf. The 22,000-square-foot space was brought to life by Manhattan-based design studio ForrestPerkins, and its major mainstay is a 32-foot marble bar.

Besides lounge areas and luxury "Box Seats," which can be reserved only by reservation, the bar also features a 12-seat "Vault" room that can be booked for private dining and events. There will also be Full Swing golf simulators, a duckpin bowling alley, and darts available at T-Squared Social, as well as the option to watch sports on 35 televisions, including a 200-inch flat-screen television, which, according to the release, is the largest single screen in New York City.

"The idea for T-Squared Social came to us during a round of golf at Albany, our development in The Bahamas," Woods, 47, said in the press release. "Justin and I thought it would be cool to create a place that combines our favorite things and brings people together to just have a great time. We always knew we wanted to do something together, and NEXUS gave us the platform to bring our idea to life."

Timberlake, 42, added: "We knew a concept like T-Squared Social would thrive in New York. It's a beautiful space that transcends the typical sports bar experience. You can go to be entertained without sacrificing quality or comfort. We're excited to be partnering with 8AM Golf on this incredible opportunity right in the heart of one of the greatest cities in the world."

This isn't the duo's first business project together. In April, the singer, 42, and golfer, 47, announced that they have agreed to assist in developing a 600-acre "club community" known as The Wellington, which will be situated in the town of Wellington in Palm Beach County, Florida. The project is being led by the entrepreneur Mark Bellissimo in partnership with the real estate development company NEXUS Luxury Collection, with whom the stars are also partners.

A high level of modern living will be offered to residents of this new residential town, according to information provided to PEOPLE, which will showcase the area's history of equestrian sports and give them the chance to live in a resort environment, either in a single-family house or a condo, along with a variety of recreational opportunities.