Lightstone CEO David Lichtenstein, taking advantage of dramatic upward swing in Garment District, sells iconic 1.1 million-square-foot building to Shorenstein.
New York, NY (April 30, 2015) – Today, Lightstone closed a deal with Shorenstein to sell 1407 Broadway, the iconic 1.1 million-square-foot office building in the sought-after Times Square South area of New York City. The strategic transaction that valued the building at $330 million takes place in a time of strong demand in the area for office space, particularly as it is quickly becoming a popular region for tenants and investors in the fashion, tech and media industries.
Lightstone first acquired the 42-story office building in 2007, when Chairman and CEO David Lichtenstein recognized the long-term value in the property at a time when it was not widely understood by institutional buyers. Lightstone’s recent renovations to the building will allow the property to continue capturing the trend of creativity and collaboration amongst today’s growing global companies.
“After exploring various options for this transaction, we are glad to have worked with Shorenstein, a trusted buyer in commercial real estate that also recognizes and affirms the value in the steadily transforming Times Square South area,” said David Lichtenstein, Chairman and CEO of Lightstone.
Lightstone is one of the most highly-regarded and diversified privately-held real estate companies in the United States. Since 1988, founder David Lichtenstein has grown the company to one of the largest real estate powerhouses in the country, with existing assets in 24 states. Operating in all sectors of the real estate market, Lightstone’s $2 billion portfolio currently includes over 9 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 3,200 hotel keys. It also owns over 12,000 land lots across the country. With its leadership headquartered in New York City, Lightstone continues to grow its New York presence with $1.7 billion worth of projects currently under development in both the residential and hospitality industry.