1552 Broadway, New York, NY, 10036, US

1552-1560 Broadway

Asset description

JLL has been retained on an exclusive basis to arrange for the sale of a $193.1M non-performing loan (the “Loan”) secured by a first-lien mortgage on the borrower’s interest in 1552-1560 Broadway (the “Property” / the “Offering”), which is comprised of three components: the borrower’s fee simple interest in 1552 Broadway – a 3-story, ~9,700 gross SF retail building, the borrower’s leasehold interest in 1560 Broadway - ~55,500 gross SF of ground leased retail space spanning floors 1-3 plus basement of 1560 Broadway, and control of an 8,475 SF wrap-around LED sign (seven displays) on the Broadway-facing façade and above the roof of 1552 Broadway, all of which are located on the northwest corner of Broadway and West 46th Street in the heart of the Times Square Bowtie. The 1552 and 1560 buildings/retail spaces were interconnected pursuant to the 2011 ground lease for the leasehold interest in the 1560 Broadway space. The Property represents a generational opportunity to control one of the best retail corners and signage opportunities in “the Crossroads of the World”.

...

Attributes

Building area net

5,470 sm

Media

Investment highlights

~59,000 Usable SF of Prime Retail Space & 8,475 SF of Wraparound LED Signage on the Corner of Broadway & West 46th Street in the Heart of the Times Square Bowtie
Fee Simple Interest in 1552 Broadway - a 3-Story, 9,659 Above Grade Gross SF Retail Building
Leasehold Interest in ~55,500 Gross SF of Ground Leased Space Spanning the Basement Through 3rd Floors of 1560 Broadway (Interconnected with the 1552 Broadway Space)
8,475 SF Wraparound LED Sign (7 Displays) Above 1552 Broadway
Generational Opportunity to Control One of the Times Square Bowtie’s Most Visible & Trafficked Broadway Corners (NE Corner of Broadway & West 46th Street)
288’ of Corner Broadway Frontage (101.5’ on Broadway – 167’ on West 46th Street) in the Heart of the Times Square Bowtie
Exceptional Signage Income / Branding Opportunity – 8,475 SF Wraparound LED Sign Above 1552 Broadway (3 Curved Displays Facing Broadway, 1 Display Facing South Down Broadway & 3 Displays Facing North up Broadway)
One of Times Square’s Best Corners (Abuts TSX Broadway Indoor-Outdoor Stage to the North / Directly Across 7th Avenue from TKTS Grandstand / Ticket Booth & Duffy Square)
Focal Point of One of the World’s Most Visited Tourist Attractions: Estimated 50 Million Times Square Visitors Annually