The Real Deal New York

Quality Capital, Caerus plan 14-story Village office building

Partners Samson Klugman, Leo Tsimmer paid $60M for site last year

June 10, 2016 12:43PM
By Rich Bockmann

827-829 and 831 Broadway (inset: Leo Tsimmer)

827-829 and 831 Broadway (inset: Leo Tsimmer)

Investors Samson Klugman and Leo Tsimmer are planning to bring a 14-story, 70,000-square-foot retail-and-office building to Greenwich Village.

The 289-foot-tall building will rise at 827 Broadway across the street from the Strand Bookstore, just south of Union Square, according to a permit application filed with the Department of Buildings Friday.

Retail will span the first three floors of the building, with the remaining 11 floors devoted to office space. The plans call for terraces on the fourth floor and roof — an amenity many landlords in the Midtown South market consider a necessity in order to attract tenants.

Along with Tsimmer’s Caerus Group, Klugman’s firm Quality Capital bought a pair of four-story buildings at 827-829 and 831 Broadway last summer for $60 million in August.

Klugman could not be immediately reached for comment, but he had previously told TRD he thought the deal penciled out on the strength of the retail space alone.

“I purchased them due to the 10,000 square feet of prime retail space on Broadway 250 feet from the heart of Union Square,” he said. “We feel the residual value of the retail alone is worth the full purchase price.”

The two buildings, which have 75 feet of frontage on Broadway, are home to the women’s clothing store Nu New York and Halstead Property in the retail spaces, with two floors of residential rentals above.

Quality Capital recently sold a Downtown Brooklyn site with nearly 120,000 square feet of buildable space to Gotham Capital for $47 million. Caerus also recently landed $50 million from Apollo Commercial Real Estate Finance to fund its acquisition of two Midtown office buildings at 4 and 10 East 34th Street.

MENU