A source close to the deal tells GlobeSt.com that the average asking rent for the property is $55 per rentable sf, although they could not provide specifics on the Castle Hill lease. The source also notes that the lease is for a 10-year term, but could not provide further details.
[IMGCAP(2)]Castle Hill supplies ladies' clothing to such big-name retailers as Macy's, Dillard's and JC Penney. Grant Greenspan and Howard Rosenblum of Kaufman Adler Realty represented the tenant in the lease negotiations. Michael Frantz represented the landlord, along with Jonathan Fanuzzi and Michael DiSario of Newmark Knight Frank.
"1400 Broadway has always been, and will continue to be, a center for ladies' apparel," says Frantz. "But with an $81-million top-to-bottom improvements program under way, it's well on its way to becoming the premier fashion industry building in Times Square South."
The renovations at 1400 Broadway include a new lobby designed by lobby specialist Fifield Piaker Elman, with new entrance doors and canopy, a new ceiling, new lighting, a security desk with concierge services, an additional security desk at the Broadway entrance and controlled after-hours access. Waterman tells GlobeSt.com that "the building improvements will allow the building to reposition and generate greater rental dollars by becoming the preeminent apparel building in the district." Other renovations include new elevators, bathrooms and air-conditioned public corridors, installation of new windows and HVAC systems, and upgrades to all building systems.
Situated in the Times Square South district, 1400 Broadway contains 37 stories and more than 900,000 sf. It offers access to the Long Island Rail Road, New Jersey Transit, and Amtrak at Penn Station; the Port Authority Terminal, PATH and 15 subway lines. Available space at 1400 Broadway ranges from pre-builts of approximately 2,500 sf to a contiguous block of 60,000 sf.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
