The building has traded for $391 per sf, and is a haven formedia and retail office tenants, such as the Associated Press, theDaily News, Coach and Barney's. The building was 85% tenanted whenGlobeSt.com reportedthe deal in February. The broad, 16-story property is one of onlyeight in Manhattan to offer over 100,000 contiguous sf on a singlefloor.
"This high quality asset is ideally situated to benefit from thetransformation underway in the Hudson Yards Waterfront/Penn Stationarea," says John Rivard, principal of Broadway Partners. "Thesubmarket is poised to become one of the most dynamic sections ofMidtown Manhattan."
Arbor Realty president and CEO Ivan Kaufman has said he expectsreturns between $75 million and $85 million for thistransaction.
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