NEW YORK CITY—Harbor Group International has sold 1412 Broadway for $250 million. The buyer group was led by Isaac Chetrit, GlobeSt.com has learned. CBRE Group’s Darcy Stacom, Bill Shanahan, Jeff Dunne and Paul Gillen represented Harbor Group. It was unclear at press time who represented the buyer.
1412 Broadway is a recently renovated 428,626-square-foot office tower in the Times Square/ Bryant Park portion of Midtown. Located on the northeast corner of 39th Street and Broadway, the property is one block from the Times Square subway and close to Penn Station, Grand Central Station and the Port Authority. HGI Invested more than $10 million in renovations in lobby and common area upgrades, retail storefronts and elevator upgrades among others. The property is 96% leased and is anchored by Outerstuff Ltd., Jones Apparel Group and Escada.
Says Stacom, “Harbor Group did a tremendous job repositioning the asset to benefit from the escalating demand in the area from fashion and TAMI tenants.”