SL Green Realty Corp. and Jeff Sutton announced that their joint venture has entered into a 70-year leasehold at New York City’s 1560 Broadway, after previously acquiring the fee interest in the adjacent building at 1552 Broadway for $136.55 million.
The transactions enable the joint venture to assemble up to 48,897 square feet of space with direct Times Square frontage space that the joint venture intends to combine, upgrade and reposition as prime retail space.
The result of the repositioning will be a large and visible retail slot in Times Square. A key feature being marketed to selected retailers will be 190 linear feet of ground-level frontage, facing Times Square on Broadway and wrapping around onto 46th Street. 1552 Broadway also includes signage blanketing the façade and rooftop.
These transactions are the latest in a series of transactions jointly executed by SL Green and retail investor/operator Jeff Sutton. Previous collaborations have included the American Eagle and Aeropostale flagships in Times Square, and the Armani and Dolce & Gabbana stores at 717 Fifth, among others.
Andrew Mathias, President of SL Green, commented, “We have enjoyed notable success in our retail joint ventures with Jeff Sutton and believe this transaction has the potential to deliver positive investment results once again. The strategic combination of 1552 Broadway and 1560 Broadway will expand the square footage of a unique Times Square site in a way that dramatically increases the value and visibility of the space for both the retailer and landlord.”
For more retail finance and investment deal notes, go to RetailTraffic.com.