Blackstone looks to cash out at 1411 Broadway

The Blackstone Group wants to unload its 51 percent stake in 1411 Broadway, Crain’s reported. The private equity firm has given the building’s co-owner, San Francisco-based Swig Company, an exclusive window to take the stake or find a partner.

Swig Company — which was founded by Kent Swig’s grandfather, but the financially troubled New York developer is not involved in its operations — developed the 40-story, 1.2 million-square-foot office tower between West 39th and West 40th streets in 1970 with Jack Weiler. Weiler sold his stake to Trizec Properties 27 years later, and Blackstone-led partnership bought out Trizec as part of a larger deal in 2006.

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Crain’s said the property would likely attract several bidders due to the dearth of supply on the market, but questioned why Blackstone is pursuing a sale considering its recent maneuvers in nearby properties. It recently purchased 1040 Sixth Avenue Near 40th Street and the top floors of 229 West 43rd Street for $160 million. [Crain’s]