The Reel

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A blog for breaking sales and neighborhood real estate news.

Even though hotel construction financing is still difficult to obtain, large scale Manhattan hotel development sites continue to be snapped up.

Our office recently closed on 1205-13 and 1215-25 Broadway, located on the northwest corner of Broadway and West 29th Street in the heart of Herald Square for $71,900,000 or approximately $290/BSF.

The approximately 25,000 SF combined footprint could yield approximately 250,000 BSF. The buildings were approximately 25% occupied at the time of sale; however all of the remaining leases are expiring within the next two years giving a developer a timely project. The sale was handled by Robert Knakal, John Ciraulo, Craig Waggner and Jonathan Hageman

Visit The Full Nelson at NYInc for the rest of this article.

Neighborhoods: Flatiron/ Agents: John Ciraulo