1710 Broadway was originally built in 1918 as the New York headquarters and showroom for the Ford Motor Co. Ford sold the property in the middle of World War II to the International Ladies' Garment Workers' Union, the forerunner of UNITE.
The CB Richard Ellis team of Michael R. Laginestra, Scott L. Gottlieb and David L. Sims arranged the sale between the seller and the buyer. Robert Nash and Fonda Duvanel, from the law firm of Schulte, Roth & Zabel LLP, acted on behalf of UNITE. William Cohen of Newmark & Co. represented C&K Properties in the 1710 Broadway transaction. Brian Waterman and Lance Korman, also of Newmark & Co., represented the tenant.
UNITE is consolidating its new headquarters into 275 Seventh Ave., a union-owned building in order to more efficiently run their organization, according to Sims.
The acquisition includes air rights for 10 additional stories above the current structure, according to the C&K principals. "This presents us with options for the future, but we are not contemplating any near-term development on top of the existing building," adds Korman.
"1710 is a stunning building to add to our real estate portfolio and we are looking forward to welcoming our celebrity tenant now that the transaction has closed," adds Cohen. He was speaking of entertainer Sean Combs, whose companies, including the Sean John fashion clothing line, will occupy the five floors of office space under terms of a 10-year lease. Some 7,200 sf of corner ground-floor retail space, with a 23-foot ceiling, plus 2,000 sf of mezzanine space and an 10,000-sf basement, are available for lease. Newmark is repping that space.
This is C&K's second acquisition in the New York metropolitan area in recent weeks. In September, the firm acquired the 1.1-million-sf EAB Plaza in Uniondale, NY in a joint venture with the Moinian Group.
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