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Brill Building owners list retail condo for $225 million
Price is nearly $40M higher than what the entire building traded for in 2013
The owners of the Brill Building, a partnership between Allied Partners and Brickman, are asking $225 million for a four-story retail condo in the Times Square area property, though they acquired the entire building for $185.5 million just two years ago.
The basement-through-third-floor condo encompasses 45,000 square feet of the building’s total 175,000 square feet. The valuable space at 1619 Broadway is located at the north end of Times Square, where retail rents can rise upwards of $2,000 per foot. However, the retail space is now vacant, according to Crain’s.
Allied and Brickman also secured rights for LED signage along the ground floor, which could either be used by a tenant or for outside advertising. JLL’s Ron Cohen and Richard Baxter have been hired to market the property.
The building, constructed in 1931, is famous for being a former music hub where artists like Elvis Presley and Carole King recorded. [Crain’s] — Tess Hofmann