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1440 Broadway Sells for $520M
New York REIT agreed to sell its property at 1440 Broadway in Midtown Manhattan for $520 million. The sale is part of NY REIT’s previously announced plan to wind down and liquidate its assets, distributing the proceeds to its shareholders. CIM Group is the buyer, according to numerous reports.
The 25-story office building includes 755,679 square feet. NY REIT has spent more than $36 million on building improvements since 2000, including over $15 million on lobby renovations alone. Investment grade tenants account for approximately 40% of existing rent, including Macy’s, Mizuho, Citibank, Western Union and Federal Express.
The deal is expected to close by the end of the year.
For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson
- ◦Sale/Acquisition
