Midtown Equities buys landmarked Fidi office building for $140M

1 Broadway's largest tenant is set to move uptown

New York /
May.May 16, 2018 08:30 AM

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


Related Articles

arrow_forward_ios
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash)

UK tax break expiration could hurt struggling retailers

UK tax break expiration could hurt struggling retailers
Istanye Park in Istanbul (Photo via Wikipedia Commons)

Turkish mall valued at $1B in deal with Qatar

Turkish mall valued at $1B in deal with Qatar
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
New York City District Council of Carpenters’s Monitor Glen McGorty (iStock; LinkedIn)

NYC carpenters union changes how it roots out mob ties

NYC carpenters union changes how it roots out mob ties
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
arrow_forward_ios

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

Loading...