Avison Young to lease 1501 Broadway in first big NYC assignment

From left: 1501 Broadway and Arthur Mirante
From left: 1501 Broadway and Arthur Mirante

Canadian newcomer brokerage Avison Young has nabbed its first big New York City assignment. The commercial leasing firm will be the agent for the 700,000-square-foot property at 1501 Broadway, in Times Square, Crain’s reported.

Arthur Mirante, New York president of Avison Young, will head the team of brokers.

“It’s a wonderful vote of confidence in us,” Mirante told Crain’s. “But as great as it is getting the assignment, we know we have to execute, because if you don’t, you’re history.”

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The building is owned by a partnership of Levin Properties and other investors, Crain’s said.

About 220,000 square feet of the 31-story building lies vacant. The owners had previously toyed with the idea of converting some or all of the property into a hotel. Instead, they’re going to make building upgrades to the tune of about $25 million. The building will get new windows, elevators and a new lobby on 43rd Street, according to Crain’s.

Asking rents are expected to come in in the $50s or $60s per square foot on the lower levels. For the upper levels, rents will be as high as $70 per square foot. [Crain’s]Zachary Kussin