SL Green buys stake in 1601 Broadway for $121M
Times Square building is home to Krispy Kreme, Crowne Plaza
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.