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
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Neighborhoods: Flatiron/ Agents: John Ciraulo