NEW YORK CITY — The 250,000-square-foot 915 Broadway, an office building located at East 21st and Broadway, has sold for $140 million to a group of investors organized by Earle Altman, chairman of ABS Partners Real Estate.
“We are delighted to continue our longstanding affiliation with this high-quality, well-located property,” says Gregg Schenker, principal of New York City-based ABS Partners. “The strong fundamentals of the location, superior construction, well-maintained infrastructure and future planned improvements will further increase the value of 915 Broadway over time.”
The group of buyers includes fellow ABS Partners principals Schenker, Steven Hornstock and James Caseley, as well as real estate investors Richard Hadar, John Zirinsky and Jeffrey Fiel. The seller is a group of investors also organized by Altman that acquired the building in 1981 for $6 million.
“This is one of several deals I have done with ABS during the last year, as I have been deploying significant capital I raised before the market collapse in 2007,” Hadar says. “915 Broadway is one of the best opportunities I have seen in quite a while in New York.”
Simon Ziff, Russell Schildkraut and Jonathan Moore of The Ackman-Ziff Real Estate Group arranged acquisition financing through JPMorgan Chase & Co. The transaction includes prepayment of the existing mortgage on the building.
The 20-story building is fully leased, and tenants include technology and new media businesses such as Union Square Ventures, Jump Associates and General Assembly. The property, which was built in 1926, will undergo improvements, including the redesign and expansion of the building’s two lobbies, revitalization of its 14,000-square-foot retail space and the modernization and widening of its entrance on Broadway.
— Savannah Duncan