SL Green Realty and Jeff Sutton, declared that their partnership has contracted a 70 year lease at 1560 Broadway in New York City after acquiring a fee interest for $136.55 million in the adjoining building at 1552 Broadway.
1515 Broadway Manhattan, NY 10036. Credit: SL Green Realty
The dealings will allow the partnership to accumulate up to 488,897 sq ft. of space with a straight frontage directly facing Times Square. The partnership is looking forward to join, improve and reposition the space as a major retail space in the most famous commercial hub of the nation.
The reposition of the space will result in the biggest and easily noticeable retail accessibility in Times Square, which receives over 40 million visitors every year. An important attribute that is being used for commercial promotion with select retailers will be the ground level façade measuring 190 linear feet and facing Times Square on Broadway and enfolding on top of 46th street. 1552 Broadway also includes a commercial signage that covers the rooftop and façade.
The present dealings are the most recent among a series of notable transactions accomplished together by SL Green, the largest commercial office asset owner in New York City and Jeff Sutton, a well known retail investor/operator. The other joint ventures of the partnership include properties such as the Aeropostale flagships and American Eagle in Times Square and the Dolce & Gabbana and Armani stores at 717 fifth and others.
Source: http://slgreen.com/