NEW YORK CITY—Lightstone has closed a deal with Shorenstein to sell 1407 Broadway for just over $330 million, or $303 per square foot.
The 42-story iconic office building spans 1.1 million square feet in the Times Square South area. Lightstone first acquired the property in 2007—in a joint venture with Abraham Kamber & Co.—when chairman and CEO David Lichtenstein recognized its long-term value. The tower occupies a full block and features 33,000 square feet of retail space.
Recent renovations to the building will allow it to continue capturing the trend of creativity and collaboration among today's growing global companies, according to the firm.
“After exploring various options for this transaction, we are glad to have worked with Shorenstein, a trusted buyer in commercial real estate that also recognizes and affirms the value in the steadily transforming Times Square South area,” says Lichtenstein.
Savills Studley's Woody Heller, Will Silverman and Eric Negrin represented the landlord while HFF's Eric Anton, Andrew Scandalios and David Fowler represented the buyer.
"We were really pleased to complete this complex transaction and the Times Square South neighborhood is becoming much more vibrant," senior managing director Anton tells GlobeSt.com. "Shorenstein will certainly elevate the building and the subdistrict through the redevelopment it's planning.
Representatives of Savills Studley did not return calls by GlobeSt.com seeking comment by press time.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
