Silicon Alley Office Tower Trades for $140M

NEW YORK CITY-As Midtown South continues to evolve into the “Silicon Alley” of the East Coast, a prime Flatiron District building will be repositioned to suit the needs of the growing technology sector in the neighborhood. An investor group organized by Earle S. Altman of ABS Partners Real Estate, LLC and real estate investor Richard Hadar have acquired 915 Broadway, a 20-story, 250,000-square-foot office and retail property at East 21st and Broadway for $140 million in an off-market transaction, GlobeSt.com has confirmed.

“We liked the fundamentals, we liked the location, we liked the access to transportation, we liked the play on technology going forward,” Gregg Schenker, principal of ABS Partners, tells GlobeSt.com, noting that the building is currently home to companies like Union Square Ventures, Jump Associates and General Assembly, and the management hopes to attract new innovative businesses to the property as well. “We have a couple of wonderful core technology tenants and we would like to build on that going forward,” he adds.