NEW YORK CITY—Lightstone has closed a deal with Shorenstein to sell 1407 Broadway for just over $330 million, or $303 per square foot.

The 42-story iconic office building spans 1.1 million square feet in the Times Square South area. Lightstone first acquired the property in 2007—in a joint venture with Abraham Kamber & Co.—when chairman and CEO David Lichtenstein recognized its long-term value. The tower occupies a full block and features 33,000 square feet of retail space.

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