X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-A boutique office and retail property at 1369 Broadway or 120 W. 37th St., between Penn Station and Times Square is up for sale for $41 million. The seller, 1369 Broadway Owners LLC wants to redeploy the proceeds of the sale toward the acquisition of larger assets, according to locally based Eastern Consolidated, who is marketing the property.

Eastern Consolidated executive directors Eric Anton and Ronald Solarz with analyst Jared Toothman are marketing the six-story, 28,634-sf property. According to Eastern Consolidated, the building is ideal for small office tenants seeking a full-floor identity in close proximity to public transportation.

Anton notes that the office space offers tremendous near-term upside when leases on all five floors expire in Dec. 2010. “The average office rent is $31.95 per sf, half the rent avenue buildings in the immediate vicinity are achieving.”

The retail component affords similar upside, with the Subway and Vitamin Gallery spaces expiring within four months of the office leases. The two spaces average $232 per sf, well below market rate. The owner recently executed leases at $338 and $350 per sf for the two spaces adjacent to Vitamin Gallery.

According to Solarz, another advantage is that there are 12,420 sf or four full floors of unused air rights on the property. “Four full floors could be built on top of the existing structure or a developer could construct a completely new building totaling 31,050 sf,” he says. The owner structured all leases to expire or to be eligible for termination by the first quarter of 2013.

Built in 1928 and currently 100% occupied, 1369 Broadway’s location is within walking distance of 14 subway lines, the Long Island Railroad, New Jersey Transit, Amtrak, PATH and the Port Authority Bus Terminal.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.