NEW YORK CITY-Broadway Partners has closed on its $664-million, 1.7-million-sf acquisition of 450 West 33rd St. in the Hudson Yard section of Midtown. Arbor Realty Trust and the Chetrit Group were the sellers.

The building has traded for $391 per sf, and is a haven for media and retail office tenants, such as the Associated Press, the Daily News, Coach and Barney’s. The building was 85% tenanted when reported the deal in February. The broad, 16-story property is one of only eight in Manhattan to offer over 100,000 contiguous sf on a single floor.

“This high quality asset is ideally situated to benefit from the transformation underway in the Hudson Yards Waterfront/Penn Station area,” says John Rivard, principal of Broadway Partners. “The submarket is poised to become one of the most dynamic sections of Midtown Manhattan.”

Arbor Realty president and CEO Ivan Kaufman has said he expects returns between $75 million and $85 million for this transaction.

The sale of 450 West 33rd St. was for a time thought to be bundled with the sale of the 800,000-sf Toy Building, at 200 Fifth Ave., similarly owned by Joseph Chetrit and Arbor Realty Trust. Instead, the two have sold separately, with 500 Fifth Ave. selling to L&L Holding Co. for $500 million in a deal reported in April.

The property was purchased by Broadway Partners Real Estate Fund II, which buys value-add opportunities in national office properties. The fun owns trophy office buildings in New York, Boston, Washington, Los Angeles, Universal City, Chicago, Houston, Los Angeles and Universal City, CA.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.