Moshe Piller paying $40M for 1369 Broadway

Developer buying property from Sitt Asset, Sutton Equity; will add eight floors of retail to property

1369 Broadway in Midtown
1369 Broadway in Midtown

Moshe Piller is in contract to buy a six-story Midtown commercial building for north of $40 million from Sitt Asset Management and Sutton Equity. The firm plans to extend the property by as many as eight floors, The Real Deal has learned.

The building at 1369 Broadway, near West 37th Street, would rise a total of 13 or 14 stories, depending on city approvals, Moshe Piller said. After the expansion, the property will be entirely retail and span roughly 40,000 square feet. The floors currently average 2,600 per square feet.

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The Moshe Group’s Moshe Majeski represented both the buyer and the seller. Majeski declined to comment.

The building has “a great, undervalued retail component,” Saul Piller told the New York Observer, which reported on the buyer first.

Moshe Piller said the deal is expected to close in February, and he has not yet selected an architect. [NYO]Mark Maurer

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