Shorenstein Locks Down $350M Loan on 1407 Broadway

NEW YORK CITY – Shorenstein Properties, a real estate investment management firm, has locked down a $350 million Barclays loan to finance a leasehold at 1407 Broadway, a 43-story property spanning 1.1 million square feet on Broadway between 38th and 39th Streets. Jones Lang LaSalle arranged the transaction.

Bordering Times Square, Bryant Park and Hudson Yards, the property features loft-like spaces with flexible floorplans ranging from 14,000 to 55,000 square feet and 12-foot ceilings, as well as multiple outdoor spaces for tenants, including outdoor seating on the Broadway streetscape.

Built in 1950, the property underwent a $62 million renovation in 2015 that lasted three years and included upgrades to its ground-floor retail, lobby, common areas, security, roof, terrace and elevator cab.

Over the past 12 months, 160,000 square feet of leasing activity occurred at the property. At the moment, its ground-floor retail is 95 percent occupied with a tenant roster that includes food restaurants Num Pang, Luke’s Lobster and ‘Wichcraft. Subway lines and commuter rail services near the property include the Long Island Railroad, NJ Transit and Metro-North.