{"id":1004100904,"date":"2014-07-22T06:38:26","date_gmt":"2014-07-22T14:38:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004100904"},"modified":"2022-12-08T05:51:16","modified_gmt":"2022-12-08T13:51:16","slug":"harbor-group-sells-415-ksf-times-square-office-tower-for-250m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\/","title":{"rendered":"Harbor Group Sells 415 KSF Times Square Office Tower for $250M"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/HARBOR.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004100910\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\/harbor-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/HARBOR.jpg\" data-orig-size=\"965,1500\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1207244540&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;28&quot;,&quot;iso&quot;:&quot;50&quot;,&quot;shutter_speed&quot;:&quot;0.125&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"HARBOR\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/HARBOR.jpg?w=659\" class=\"alignleft size-medium wp-image-1004100910\" alt=\"HARBOR\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/HARBOR.jpg\" width=\"193\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/HARBOR.jpg 965w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/HARBOR.jpg?resize=193,300 193w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/HARBOR.jpg?resize=768,1194 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/HARBOR.jpg?resize=659,1024 659w\" sizes=\"auto, (max-width: 193px) 100vw, 193px\" \/><\/a>Harbor Group International has sold 1412 Broadway, a 24-story, 415,135-square-foot office tower in Manhattan, for $250 million, it was announced Monday by HGI and by CBRE, which represented HGI in the transaction.<\/p>\n<p>The buyer was various entities controlled by Isaac Chetrit, a CBRE spokesperson told <i>Commercial Property Executive<\/i>.<\/p>\n<p>Built in 1926, the building is at the northeast corner of Broadway and 39th Street, close to the Times Square subway station.<\/p>\n<p>HGI purchased the property for $150 million in December 2010 and subsequently completed a $10 million renovation program that included a renovation of the lobby, entry fa\u00e7ade, corridors and restrooms, as well as new windows and infrastructure upgrades.<\/p>\n<p>Along the way, the property\u2019s occupancy increased from 84 percent in 2010 to its current 97 percent. Tenants include Jones New York, One Step Up, Escada USA, OuterStuff, Securitas Security Services and Provident Bank.<\/p>\n<p>\u201cWhen we purchased the property, our investment thesis was based on the projected rapid growth of the Times Square submarket,\u201d HGI President T. Richard Litton said in a release. \u201cOur predictions proved accurate, as the market lived up to our expectations.\u201d<\/p>\n<p>The CBRE team consisted of Darcy Stacom, Bill Shanahan, Jeff Dunne and Paul Gillen, of CBRE Institutional Properties.<\/p>\n<p>\u201cHarbor Group did a tremendous job repositioning the asset to benefit from the escalating demand in the area from fashion and TAMI tenants,\u201d Stacom said in a release. (TAMI refers to the Technology, Advertising, Media and Information sectors.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Harbor Group International has sold 1412 Broadway, a 24-story, 415,135-square-foot office tower in Manhattan, for $250 million.<\/p>\n","protected":false},"author":882,"featured_media":1004100910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,10,21747],"tags":[],"class_list":["post-1004100904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Harbor Group Sells 415 KSF Times Square Office Tower for $250M - 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\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Harbor Group Sells 415 KSF Times Square Office Tower for $250M\" \/>\n<meta property=\"og:description\" content=\"Harbor Group International has sold 1412 Broadway, a 24-story, 415,135-square-foot office tower in Manhattan, for $250 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-22T14:38:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:51:16+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/HARBOR.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Harbor Group Sells 415 KSF Times Square Office Tower for $250M\",\"datePublished\":\"2014-07-22T14:38:26+00:00\",\"dateModified\":\"2022-12-08T13:51:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\\\/\"},\"wordCount\":247,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/07\\\/HARBOR.jpg\",\"articleSection\":[\"Investment\",\"Mid-Atlantic\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/harbor-group-sells-415-ksf-times-square-office-tower-for-250m\\\/\",\"name\":\"Harbor Group Sells 415 KSF Times Square Office Tower for $250M - 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