New York Properties

NYC ‘Silicon Alley’ Office Tower Sells for $140 Million

Originally posted on Bloomberg News, 07/09/12

A group led by ABS Partners Real Estate LLC paid $140 million for a 20-story office tower in Manhattan’s Flatiron District, seeking to capitalize on the neighborhood’s popularity with information technology tenants.

The building at 915 Broadway is near the center of the Midtown South office market, which has the lowest vacancy rate in the U.S., according to brokerage Cushman & Wakefield Inc. ABS, led by Chairman Earle Altman, had already owned a minority stake in the 250,000-square-foot (2,300-square-meter) property. His group teamed with Richard Hadar, Jeffrey Feil and John Zirinsky on the purchase, ABS said today in a statement.

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