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.


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