1407 Broadway.
NEW YORK CITY – Shorenstein Properties, a real estate investment management firm, has locked down a $350 million Barclays loan to finance a leasehold at 1407 Broadway, a 43-story property spanning 1.1 million square feet on Broadway between 38th and 39th Streets. Jones Lang LaSalle arranged the transaction.
Bordering Times Square, Bryant Park and Hudson Yards, the property features loft-like spaces with flexible floorplans ranging from 14,000 to 55,000 square feet and 12-foot ceilings, as well as multiple outdoor spaces for tenants, including outdoor seating on the Broadway streetscape.
Built in 1950, the property underwent a $62 million renovation in 2015 that lasted three years and included upgrades to its ground-floor retail, lobby, common areas, security, roof, terrace and elevator cab.
Over the past 12 months, 160,000 square feet of leasing activity occurred at the property. At the moment, its ground-floor retail is 95 percent occupied with a tenant roster that includes food restaurants Num Pang, Luke's Lobster and 'Wichcraft. Subway lines and commuter rail services near the property include the Long Island Railroad, NJ Transit and Metro-North.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
