The New Coney Island - Brooklyn's Times Square by the Sea

Thursday, September 3, 2009

Thor sells Flatiron District property for $25 mil

Globe St excerpt -

Flatiron District Landmark Trades for $25M

NEW YORK CITY-The original home of the Lord & Taylor Dry Goods Store has sold to a Spanish investor in an all-cash deal worth $24.6 million, has exclusively learned. The 14,336-square-foot, five-story Flatiron District property at 901 Broadway traded for $1,716 per square foot at a 5.6% cap rate, according to Massey Knakal Realty Services, which arranged the sale.

Robert Knakal, chairman of Massey Knakal, tells that the seller, Thor Equities, had acquired the 142-year-old, landmarked 901 Broadway in October 2006 for $17.4 million and subsequently made extensive renovations. Thor also bought out two rent-stabilized tenants on the property’s top floor and procured the 7,000-square-foot ground-floor retail tenant, Miss Sixty, at $313 per square foot, Knakal says.

More here as well -

The 14,336-square-foot building sold for a jaw-dropping $1,715 per square foot.

No comments: