The Blackstone Group wants to unload its 51 percent stake in 1411 Broadway, Crain’s reported. The private equity firm has given the building’s co-owner, San Francisco-based Swig Company, an exclusive window to take the stake or find a partner.
Swig Company — which was founded by Kent Swig’s grandfather, but the financially troubled New York developer is not involved in its operations — developed the 40-story, 1.2 million-square-foot office tower between West 39th and West 40th streets in 1970 with Jack Weiler. Weiler sold his stake to Trizec Properties 27 years later, and Blackstone-led partnership bought out Trizec as part of a larger deal in 2006.
Crain’s said the property would likely attract several bidders due to the dearth of supply on the market, but questioned why Blackstone is pursuing a sale considering its recent maneuvers in nearby properties. It recently purchased 1040 Sixth Avenue Near 40th Street and the top floors of 229 West 43rd Street for $160 million. [Crain’s]