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Testimonials

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Sandro Rosell
FC Barcelona President
Saturday, October 21, 2017

Manhattan luxury property market is about to be put to the test by HSBC and Edge Fund Advisors, to see if it has made a comeback from the slump it has experienced in the beginning of 2017. The partners have put on the market a 48 percent stake in 1540 Broadway’s office portion with an asking price of approximately $445 million.

According to a report by the Real Estate Alert 92 percent of the 909,000-square-foot commercial condo property is occupied. The listing is being managed by Newmark Knight Frank. The cash required upfront for any buyer to acquire the stake would be reduced, because they would also assume a share of the $450 million mortgage.

According to The Real Deal, “The 44-story tower was built in 1990 as the headquarters of German publisher Bertelsmann. In 2006, Vornado Realty Trust bought the retail space for $260 million. A year later, Harry Macklowe paid the Blackstone Group $830 million for the office portion of the property. Macklowe lost the property to his lender, Deutsche Bank, which sold it to CBRE Global Investors.” 

Skidmore, Owings & Merrill was the architect that designed the building, which is located in the heart of Times Square on Broadway between45th and 46th streets.

In 2010, a 49 percent stake in the property was purchased by HSBC, in a deal that valued the office space at $520 million. Then in 2011 the remaining 51 percent was acquired in a deal valuing it at $660 million, respectively. Adobe Systems, Viacom, Verizon, Pillsbury Winthrop and Duane Morris are among the tenants of the building.

By Mark Snyder