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UPDATE: Investors Take 6 Times Square

NEW YORK CITY-A Dubai investment group inks an approximately $300-million deal for 6 Times Square, the former site of the Knickerbocker Hotel. In another deal, Broadway Partners spends $420 million for 522 Fifth Ave. and is under contract for another site, sources tell GlobeSt.com.

By Barbara Jarvie | Updated on April 28, 2006

NEW YORK CITY-A Dubai investment group, Istahamar, has acquired 6 Times Square for approximately $300 million. Last month, GlobeSt.com previously reported exclusively that the site of the former Knickerbocker Hotel was in play. In another deal Broadway Partners will take title to 522 Fifth Ave. for approximately $420 million or more than $750 per sf. The firm is also under contract to acquire 660 Madison Ave. for approximately $220 million, sources say.

Nearly two years ago, Sitt Asset Management contracted to acquire 6 Times Square from SL Green Realty for $160 million. Constructed in 1906 as the Knickerbocker Hotel, the 16-story property was subsequently converted into office space. It is located on the southeast corner of Broadway and 42nd Street. At the time when news broke of the property being marketed, sources said interested parties were also considering the site for hotel conversion. The deal is expected to close by the end of the year.

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