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Broadway Partners Closes on $664M Purchase

NEW YORK CITY-The Hudson Yards behemoth trades for $391 per sf, with tenants such as AP, the Daily News, Coach and Barney's.

By Sean Ryan | Updated on June 19, 2007

NEW YORK CITY-Broadway Partners has closed on its $664-million, 1.7-million-sf acquisition of 450 West 33rd St. in the Hudson Yard section of Midtown. Arbor Realty Trust and the Chetrit Group were the sellers.

The building has traded for $391 per sf, and is a haven for media and retail office tenants, such as the Associated Press, the Daily News, Coach and Barney’s. The building was 85% tenanted when GlobeSt.com reported the deal in February. The broad, 16-story property is one of only eight in Manhattan to offer over 100,000 contiguous sf on a single floor.

“This high quality asset is ideally situated to benefit from the transformation underway in the Hudson Yards Waterfront/Penn Station area,” says John Rivard, principal of Broadway Partners. “The submarket is poised to become one of the most dynamic sections of Midtown Manhattan.”

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