Richard Hadar Funding recently completed the acquisition of 915 Broadway, leading a group of investors in partnership with Earle Altman. The building is located in Midtown South, in a neighborhood known as “Silicon Alley” due to its appeal to technology tenants.
As discussed in Bloomberg Businessweek, 915 Broadway is “near the center of the Midtown South office market, which has the lowest vacancy rate in the U.S.”
Despite its enormous upside potential, the 250,000-square foot building was purchased well below the current market price at $510 persquare foot. For comparison, SL Green, New York’s largest office landlord, recently purchased a building a few blocks away on Park Avenue South for $648 per square foot. Other comparable sales are also well above the price paid for 915 Broadway. The purchase was an off-market deal, which is the only way to buy at below-market prices.