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.