SL Green buys stake in 1601 Broadway for $121M

Times Square building is home to Krispy Kreme, Crowne Plaza

New York /
Sep.September 30, 2021 05:51 PM

Marc Holliday, Chairman and Chief Executive Officer of SL Green Realty Corp, has acquired a stake in 1601 Broadway for $121 million (SL Green Realty Corp)

SL Green has acquired a stake in 1601 Broadway for $121 million.

The 46-story Times Square building is home to the new Krispy Kreme flagship, a Crowne Plaza hotel and approximately 230,000 square feet of office space across nine floors. The site has about 216,000 square feet of unused air rights.

The portion of the fee interest purchased by SL Green was previously owned by Walber Broadway Co., which bought into the building in 1987.

The last time the building traded hands was in 2006, when it sold along with 220 West 42nd Street for $314 million. In 2015, Vornado Realty Trust paid $39 million to increase its stake in the building to 33 percent — part of a larger deal in which 57 percent of the ownership sold for $95 million, which would value the entire property at $167 million.

Representatives for SL Green did not immediately respond to requests for comment.

Times Square has been struggling to recover as office workers continue to work from home and international tourism remains minimal. In 2019, 373,000 pedestrians visited per day; during the pandemic, the number dropped to 33,000.

However, the area remains vital to the city. The corridor’s mix of retail, entertainment venues and restaurants generates $2.5 billion in city taxes and $2.3 billion in state taxes annually, according to the Times Square Alliance.





    Related Articles

    arrow_forward_ios
    Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
    Free and clear: Vornado pays off debt at 220 CPS
    Free and clear: Vornado pays off debt at 220 CPS
    Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
    “Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
    “Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
    The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
    SL Green puts Daily News building up for sale
    SL Green puts Daily News building up for sale
    WeWork CEO Sandeep Mathrani (Mathrani/Wikipemedia, Getty)
    WeWork says it must correct financial statements
    WeWork says it must correct financial statements
    601 Madison Ave. and Ben Soleimani (Google Maps, Ben Soleimani)
    Ben Soleimani leases 12,000 square feet on Madison Avenue
    Ben Soleimani leases 12,000 square feet on Madison Avenue
    Rolling Gardens Apartment Homes at 405 Franklin Turnpike in Mahwah NJ (Apartments.com)
    Morgan Properties trades NJ multifamily portfolio for $57.5M
    Morgan Properties trades NJ multifamily portfolio for $57.5M
    645 Madison Avenue (Google Maps)
    645 Madison ground lease trades to Titan Golden for $27M
    645 Madison ground lease trades to Titan Golden for $27M
    Blackstone's Stephen Schwarzman (Getty)
    Blackstone buys logistics portfolio for $2.8B
    Blackstone buys logistics portfolio for $2.8B
    arrow_forward_ios

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

    Loading...