{"id":1004366585,"date":"2019-11-07T05:12:00","date_gmt":"2019-11-07T13:12:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004366585"},"modified":"2019-11-12T12:04:03","modified_gmt":"2019-11-12T20:04:03","slug":"shorenstein-properties-obtains-350m-for-iconic-manhattan-address","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shorenstein-properties-obtains-350m-for-iconic-manhattan-address\/","title":{"rendered":"Shorenstein Properties Obtains $350M for Iconic Manhattan Address"},"content":{"rendered":"<div id=\"attachment_1004366591\" style=\"width: 243px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1407-Broadway.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004366591\" data-attachment-id=\"1004366591\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-properties-obtains-350m-for-iconic-manhattan-address\/1407-broadway-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1407-Broadway.jpg\" data-orig-size=\"620,800\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1407-Broadway\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1407 Broadway&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1407-Broadway.jpg?w=620\" class=\"wp-image-1004366591 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1407-Broadway.jpg\" alt=\"\" width=\"233\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1407-Broadway.jpg 620w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/1407-Broadway.jpg?resize=233,300 233w\" sizes=\"auto, (max-width: 233px) 100vw, 233px\" \/><\/a><p id=\"caption-attachment-1004366591\" class=\"wp-caption-text\">1407 Broadway<\/p><\/div>\n<p>Shorenstein Properties has obtained a $350 million loan to finance its leasehold interest in 1407 Broadway, a 43-story <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-building-sales-24\/\">Manhattan office tower<\/a>. Barclays provided the five-year loan for the 1.1 million-square-foot property, with JLL Capital Markets arranging the financing on behalf of Shorenstein, according to a statement by the brokerage firm.<\/p>\n<p>Built in 1950 and designed by Ely Jacques Kahn, the Midtown property is located on Broadway, between 38<sup>th<\/sup> and 39<sup>th<\/sup> streets, neighboring Times Square and Bryant Park. Shorenstein acquired the asset from Lightstone Group for $330 million in May 2015, according to Yardi Matrix. The sale was subject to a $268 million loan held by Bank of America.<\/p>\n<p>Shorenstein then launched a three-year, $62 million modernization program that included the renovation of the lobby, common areas, roof, terrace and security, along with elevator cab upgrades. The property has seen 160,000 square feet of leasing activity over the past year. Following a major retail repositioning and the addition of new storefronts, the building\u2019s retail space is 95 percent occupied, with tenants including eateries Num Pang, Luke\u2019s Lobster and \u2018Wichcraft.<\/p>\n<h2>Neighboring Uber<\/h2>\n<p>Building features include loft-like space with 12-foot ceilings, floorplans ranging from 14,000 to 55,000 square feet, multiple outdoor spaces for tenants and a through-block lobby with an additional entrance on Seventh Avenue. The tower is located across the street from 1400 Broadway, where Uber <a href=\"https:\/\/www.commercialsearch.com\/news\/uber-leases-full-floor-at-manhattans-1400-broadway\/\">leased its second Manhattan location<\/a> in early 2018, taking up the entire 12<sup>th<\/sup> floor of the 37-story building owned by Empire State Realty Trust.<\/p>\n<p>A JLL Capital Markets team comprising Senior Director Geoff Goldstein, Senior Managing Director Michael Gigliotti and Managing Director Christopher Peck led the financing deal, while JLL\u2019s Senior Managing Director Andrew Scandalios and Managing Director David Giancola provided office expertise. The transaction was secured by HFF prior to its acquisition by JLL in July.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barclays provided the refinancing for 1407 Broadway, a 43-story office building designed by Ely Jacques Kahn and developed in 1950.<\/p>\n","protected":false},"author":744,"featured_media":1004366594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[34568,32934,38825,38287,32796,38286,33448],"class_list":["post-1004366585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-andrew-scandalios","tag-barclays","tag-christopher-peck","tag-geoff-goldstein","tag-jll","tag-michael-gigliotti","tag-shorenstein-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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