{"id":1004031914,"date":"2011-08-25T08:55:22","date_gmt":"2011-08-25T16:55:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004031914"},"modified":"2022-12-08T02:11:04","modified_gmt":"2022-12-08T10:11:04","slug":"times-square-property-moves-for-136m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/times-square-property-moves-for-136m\/","title":{"rendered":"Times Square Property Moves for $136M"},"content":{"rendered":"<p><strong>August 25, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/082511-1552-Broadway-Times-Square.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004031915\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/times-square-property-moves-for-136m\/082511-1552-broadway-times-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/082511-1552-Broadway-Times-Square.jpg\" data-orig-size=\"528,404\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"082511 &#8211; 1552 Broadway Times Square\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/082511-1552-Broadway-Times-Square.jpg?w=528\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/082511-1552-Broadway-Times-Square.jpg\" alt=\"\" title=\"082511 - 1552 Broadway Times Square\" width=\"150\" height=\"150\" class=\"alignright size-thumbnail wp-image-1004031915\" \/><\/a><\/p>\n<p>If there\u2019s one constant in Manhattan real estate, it\u2019s that there\u2019s always a deal going on. This week, it\u2019s the news that 1552 Broadway in Times Square has changed hands, with a joint venture of SL Green and Wharton Acquisitions purchasing the property from the Riese Organization for $136.6 million. <\/p>\n<p>The deal was brokered by Jones Lang LaSalle\u2019s New York capital markets team. <\/p>\n<p>The four-story landmark building, also known as the I. Miller Building, is located at the northeast corner of 46th Street and Broadway, across from Duffy Square. In addition to a four-story TGI Friday\u2019s, the property features two prominent billboard signs on the Times Square \u201cbow tie\u201d and has approvals for a third sign.<\/p>\n<p>\u201cIt\u2019s a special property with huge potential. Times Square is the billboard capital of the world, and its retail rents are approaching those on Fifth Avenue in the \u201850s, with the highest levels in New York City,\u201d Jon Caplan, vice chairman of JLL, said.<\/p>\n<p>According to the Jones Lang LaSalle\u2019s internal research, the purchase should prove lucrative for the new owners. The Times Square submarket of Manhattan leads Midtown with the lowest Class A vacancy rates in the city, at 8.6 percent. Midtown asking rents for the asset class have risen more than 16 percent since the market\u2019s 2010 bottom, moving to $83.16 per square foot. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>If there\u2019s one constant in Manhattan real estate, it\u2019s that there\u2019s always a deal going on. This week, it\u2019s the news that 1552 Broadway in Times Square has changed hands for $136.6 million.<\/p>\n","protected":false},"author":1201,"featured_media":1004031915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21752,21742,10],"tags":[],"class_list":["post-1004031914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-mixed-use","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Times Square Property Moves for $136M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/times-square-property-moves-for-136m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Times Square Property Moves for $136M\" \/>\n<meta property=\"og:description\" content=\"If there\u2019s one constant in Manhattan real estate, it\u2019s that there\u2019s always a deal going on. 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