Ruben Companies pays $280M for 1700 Broadway

Development company now owns 42-story office tower in full

New York /
Feb.February 01, 2016 11:50 AM

Ruben Companies bought the land beneath 1700 Broadway in Midtown – where it developed a 42-story, 650,000-square-foot office building in 1968 – from the Shubert Foundation for $280 million in an off-market transaction.

New York City-based Ruben built the tower through a ground lease it owned for the property. Ownership would have reverted back to the foundation when the ground lease expired in 2067.

It was not reported who brokered the deal, but Cushman & Wakefield did advise on the transaction, the New York Observer reported.

Ruben struck a similar deal in 2013 when it paid $210 million for the land under the 26-story office building at 600 Madison Avenue between East 57th and East 58th streets, where it had owned the ground lease since the 1970s.

Back in November, architecture firm Gensler took 119,000 square feet at the building, the second through sixth floors. [NYO]Dusica Sue Malesevic


Related Articles

arrow_forward_ios
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
WeWork CEO Sandeep Mathrani and Cushman CEO Brett White (WeWork, White by Louise-Haywood Schiefer)
WeWork, Cushman negotiating $150M partnership
WeWork, Cushman negotiating $150M partnership
Cushman & Wakefield's Doug Harmon and Adam Spies (Cushman, Getty)
Cushman’s top sales brokers negotiating new contract
Cushman’s top sales brokers negotiating new contract
Cushman & Wakefield's Brett White and John Forrester
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Related Companies chairman Stephen Ross and Harris Blitzer Sports CEO Scott O'Neil with Central Park’s Wollman Rink (Getty)
City replaces Trump as Central Park rink operator — with Trump pals
City replaces Trump as Central Park rink operator — with Trump pals
Stephen Preuss
Top sales broker out at Cushman & Wakefield
Top sales broker out at Cushman & Wakefield
arrow_forward_ios

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

Loading...