B+B Capital, partners close on Brill Building stake for $295M

Owners negotiating deal to bring Margaritaville to property at 1619 Broadway

TRD New York /
Jul.July 21, 2016 06:05 PM

A group of investors led by B+B Capital closed a deal to buy a partial ownership stake in the Brill Building for $295 million.

Conway Capital, Schottenstein Realty and the Israeli-based fashion chain Fox-Wizel joined the Midtown-based investors to purchase the stake from owners Allied Partners and Brickman, the Commercial Observer reported.

The size of the stake and the building’s valuation were not disclosed.

Allied and Brickman bought the landmarked, 175,000-square-foot building at 1619 Broadway between West 49th and West 50th streets for $185.5 million in 2013, according to property records.

The owners have a lease out with Jimmy Buffett’s hospitality company Margaritaville to open its first location in 25,000 square feet on the ground floor, lower level and 11th-floor rooftop. The deal is said to include Buffett’s other venture, Landmark Bar & Grill, according to the publication.

Also in negotiations are deals for a 17,500-square-foot lease with CVS and a 50,000-square-foot deal with WeWork, which would bring the building to 85-percent occupancy.

Retail asking rents range from $650 to $700 per square foot, and office asking rents are between $60 and $70 a foot.

Ilan Bracha, co-founder of B+B along with Haim Binstock (the two are also partners on the brokerage Keller Williams NYC TRData LogoTINY), negotiated the deal on behalf of the buyers, known collectively as Brill Holdings.

Richard Baxter and Ron Cohen of JLL represented the seller. [CO] – Rich Bockmann

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