News
1412 B'WAY GOES BUY
December 8, 2010
| Talk about making a entrance. Harbor Group International has now picked up two properties in the region in deals greater than $100M: Downtown’s 4 New York Plaza (a sale leaseback reported at $107M in January) and now the 415k SF 1412 Broadway for $150M. |
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| We snapped this from the bustling street in the vesper light. Along with the purchase comes an additional $10M investment in capital and tenant improvements for the property, a circa-1926 building, which has already undergone a multi-million dollar repositioning by the seller, Murray Hill Properties. It’s 84% occupied with a diverse tenant roster that includes Jones New York and Escada. It's one of the few area office towers that has the capacity to accommodate small firms on multi-tenanted floors as well as full-floor configurations of up to 21k SF. Harbor Group International’s hedging on the fact that little commercial development is expected in the immediate future, which means that the building will appeal to a wide range of tenants and benefit from positive rental rate trends, says CEO Jordan Slone |
