Florida SBA Buys 1370 Broadway for $186 Million
The Florida State Board of Administration (SBA) acquired the 16-story building at 1370 Broadway for US$ 186 million in cash from Morristown-based Normandy Real Estate Partners. The building is located in the middle of Times Square South. It is in close proximity to Bryant Park. Normandy Real Estate renovated the property and hired CBRE to market it for sale.
Normandy Real Estate Partners bought 1370 Broadway in 2012 for US$ 125 million from Sitt Asset Management and Carlton Associates. Carlton Associates is the investment office of the Cohen family, founders of Duane Reade. At the time, the building was marketed by Eastdil Securities.
In 2003, 1370 Broadway was purchased by Sitt Asset and Carlton Associates acquiring it from SL Green Realty for US$ 57.8 million.
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