The Real Deal New York

Midtown Equities buys landmarked Fidi office building for $140M

1 Broadway's largest tenant is set to move uptown
May 16, 2018 08:30AM

1 Broadway and Joseph Cayre

Midtown Equities has swooped in to buy the historic 1 Broadway for $140 million.

The 12-story landmarked office building at the southern tip of Manhattan, is being sold by a Swiss trust that has owned the building since 2000, according to the New York Post. The seller is being represented by Adam Spies, Douglas Harmon, Josh King and Marcella Fasulo of Cushman & Wakefield.

It is another historical pickup for Midtown, which redeveloped the landmarked Empire Stores in Dumbo. The firm, led by the Cayre family, also has investments in the World Trade Center and residential brokerage CORE.

The 218,000-square-foot building built in 1920 is expected to be developed into modern offices, according to the Post. It will soon be empty as its largest tenant, the intellectual property law firm Kenyon and Kenyon, moves uptown, according to the report. Citibank has a lease for bottom floor space that will end next year.

Midtown recently went into contract to sell a newly developed rental project at 155 Attorney Street for  $40 million. [NYP] – David Jeans