NEW YORK CITY-Allied Partners and Brickman have closed on their $185.5-million acquisition of the Brill Building at 1619 Broadway, the two companies said Tuesday afternoon. A center of the city’s popular music industry over the decades since it opened in 1931, the 11-story landmark will be repositioned as “a modern-day creative center,” Allied’s Eric Hadar says in a release.

Hadar says the first four floors of the 175,000-square-foot building at the corner of West 49th Street will be dedicated to retail, while both the retail and commercial space will receive extensive renovation. “We are in active negotiations with a number of parties and expect to announce several exciting new retail and office tenants soon. We anticipate a grand reopening of the space in late 2014.” Retail leasing will be managed by Jeffrey Roseman of Newmark Grubb Knight Frank, while Brickman’s Paul Kotcher will handle commercial leasing.

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