A commercial real estate property in the Silicon Alley area of Manhattan was recently purchased by an investment group for $140 million, according to GlobeSt.com.
The investors included Richard Hadar and Earle Altman of ABS Partners Real Estate. The property is located at 915 Broadway and has 250,000 square feet of space spread across 20 stories, the news source explained. Both retail and office space is located in the building.
"We liked the fundamentals, we liked the location, we liked the access to transportation, we liked the play on technology going forward," Gregg Schenker, principal of ABS Partners, told the news source. "We have a couple of wonderful core technology tenants and we would like to build on that going forward."
The property's purchase was financed through JP Morgan Chase, according to the news source. It was purchased by Altman, who was an equity participant, and other investors in 1981 for $6 million. The area where the building is located has some of the lowest vacancy rates in the United States. It will be renovated over the next five years for approximately $10 million. Retail space will begin lease contracts in 2014.