Harbor Group to sell two buildings to Isaac Chetrit for $268M

Company in contract to unload 1412 Broadway and adjacent site

New York /
Mar.March 12, 2014 02:42 PM

Harbor Group International is in contract to sell two Garment District buildings for a total of $268 million to real estate investor Isaac Chetrit, the Virginia-based investment group confirmed to The Real Deal.

The 415,000-square-foot, 24-story office property at 1412 Broadway and the adjacent 7,000-square-foot, three-story retail property at 1420 Broadway are slated to change hands for $250 million and $18 million, respectively, a spokesperson for Harbor Group said.

CBRE and Meridian Capital Group are jointly representing the prospective seller in the deal.

Harbor Group’s New York operations are headquartered at 1412 Broadway, near 39th Street. The spokesperson declined to comment on whether the office would be relocated. The building was 97 percent leased by the end of the fourth quarter, a spokesperson said.

The company, led by Jordan Slone, purchased the building for $150 million in 2010. Slone then launched a $10 million renovation. He upgraded the building’s lobby, elevator cabs and base façade. Harbor purchased the retail annex from Emmes Asset Management for more than $10.2 million in 2011, as previously reported.

Harbor Group also recently entered contract to buy the 361,000-square-foot office building One Exchange Plaza in The Financial District From Broad Street Development for $157 million, as The Real Deal reported Monday.

Chetrit could not immediately be reached for comment.


Related Articles

arrow_forward_ios
214 West 109th Street and Isaac Chetrit (Google Maps)
Chetrits to invest $200M in Manhattan apartment portfolio
Chetrits to invest $200M in Manhattan apartment portfolio
Harbor Group’s Jordan Slone (right) and Cammeby's International founder Rubin Schron (iStock)
Harbor Group, Cammeby’s team up on $1B NJ apartment buy
Harbor Group, Cammeby’s team up on $1B NJ apartment buy
Jordan Slone of Harbor Group and The Henry at 1 Crystal Hill Drive (Harbor Group)
Harbor Group pays $54M for Rockland County apartment complex
Harbor Group pays $54M for Rockland County apartment complex
Joseph Chetrit, Jordan Slone (Getty, NADLAN)
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
15 West 47th Street, Diamond District (Google Maps, iStock)
Chetrit brings ELO back to the table on $110M Diamond District deal
Chetrit brings ELO back to the table on $110M Diamond District deal
445 Fifth Avenue and Harbor Group's Jordan Slone (Google Maps)
Harbor Group sued after defaulting on $40M loan at Midtown retail space
Harbor Group sued after defaulting on $40M loan at Midtown retail space
2870 Ocean Avenue in Brooklyn (Google Maps)
Chetrit firm pays $119 psf for Sheepshead Bay site
Chetrit firm pays $119 psf for Sheepshead Bay site
15 West 47th Street (Google Maps, iStock)
Chetrit’s $115M Diamond District deal fizzles
Chetrit’s $115M Diamond District deal fizzles
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...