NEW YORK CITY—Newmark Knight Frank's New York capital markets team has been exclusively retained to sell a 48% equity interest in 1540 Broadway. The 44-story, 909,000-square-foot, dark glass, office tower, topped with a six-story spire, is often still referred to as the Bertelsmann Building. It stands in the heart of Times Square, located at the northeast corner of Broadway and West 45th Street.
1540 Broadway's anticipated valuation is $925 million or approximately $1,000 per square foot.
Currently, the asset is 92% leased. According to NFK, 1540 Broadway's net operating income is expected to rise by as much as 32% over the next six years as the vacancies in the building are leased and near to medium term rents that are 8% to 10% below current market levels are set at fair market prices.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
