Office, Retail On Market for $41M

NEW YORK CITY-A boutique office and retail property at 1369 Broadway or 120 W. 37th St., between Penn Station and Times Square is up for sale for $41 million. The seller, 1369 Broadway Owners LLC wants to redeploy the proceeds of the sale toward the acquisition of larger assets, according to locally based Eastern Consolidated, who is marketing the property.

Eastern Consolidated executive directors Eric Anton and Ronald Solarz with analyst Jared Toothman are marketing the six-story, 28,634-sf property. According to Eastern Consolidated, the building is ideal for small office tenants seeking a full-floor identity in close proximity to public transportation.

Anton notes that the office space offers tremendous near-term upside when leases on all five floors expire in Dec. 2010. “The average office rent is $31.95 per sf, half the rent avenue buildings in the immediate vicinity are achieving.”