The Real Deal New York

KLM buys 920 Broadway for $120M

Deal comes on heels of sale of Old Navy site in Herald Square
May 07, 2014 08:50AM

KLM Construction Corporation acquired an 110,000-square-foot building at 920 Broadway in the Flatiron District for $120 million.

The Carlyle Group and ClearRock Properties handed off the 16-story office property near East 21st Street for $1,100 per square foot – a record for the area, the New York Post reported. Eastdil Secured brokers Adam Spies, Doug Harmon and Adam Doneger arranged the deal.

Asking rents in the neighborhood range from $75 to $85 per square foot on average.

Last October, Carlyle and ClearRock planned to invest $10 million in renovations to upgrade the lobby and façade.

Just last month, KLM sold the Old Navy retail property at 150 West 34th Street to Crown Acquisition Group and Starwood Capital Group for $255 million, as previously reported. [NYP]Mark Maurer