920 Broadway
New York, NY
Project summary
Partner: The Carlyle Group
New York, NY
Total SF: 166,000
Partner
The Carlyle Group
Property
- Office & Ground Floor Retail
- 107,000 SF
Timing
February 2013 – May 2014
Opportunity
- Located in the rapidly improving Midtown South submarket in the Flatiron District
- Corner avenue located with large floor plates, a center core, high ceilings and good natural light
- Disjointed sale process – August timing, six buildings separately marketed, multiple brokers with all proceeds from the sale donated to a University
- 100% leased at time of acquisition with in place rents at half of market
- Pricing was 30% below replacement cost
Value Add / Execution
- Arranged the purchased of all six buildings achieving a volume discount
- Bought out existing tenants whose rents were half of market
- Executed a +$10MM redevelopment project that included a new lobby, elevators, façade work and common area upgrades
- Signed two full-floor leases at record setting rents
- Sold after 18 months for +2x the purchase price