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Adam Leitman Bailey, P.C. Closes Sale of 901 Broadway for $24.6 Million

New_York_Law_Journal

By: Justin Smulison

September 16, 2009

The five-story building at 901 Broadway has been sold to a Spanish investor for $24.6 million, or $1,716 per square foot.

The landmarked, 14,336-square-foot building, was the original home of the Lord & Taylor Dry Goods Store, and has stood in the Flatiron District for 142 years.

A partner at Adam Leitman Bailey, represented the buyer, an entity owned by a private Spanish investor.
Wachtel & Masyr partner Morris Missry represented the seller, Thor Equities.

Serving as the brokers for Thor was a Massey Knakal Realty Services team comprised of chairman and founding partner Robert Knakal, vice chairman John Ciraulo and director of sales Craig Waggner.

“This sale, at a very high price per square foot, is a good sign for the market which is sorely in need of good signs,” Mr. Knakal said.

In October 2006, Thor purchased the property for more than $17 million.

The 7,000-square-foot ground floor is occupied by a high-end fashion retailer, Miss Sixty, which signed its lease early in 2007 for $313 per square foot.

A gallery tenant occupies floors two through four and pays $62 and $70 per square foot across the three floors according to a release issued by Massey Knakal. The fifth floor penthouse is currently vacant.

Robin Brinkman from Dia Soleado Invest served as the broker for the buyer.

Adam Leitman Bailey, P.C.

NEW YORK REAL ESTATE ATTORNEYS