UAL Nabs Manhattan Mixed-Use Asset
- Oct 30, 2015
The Laboz family of United American Land LLC (UAL) added another asset to its portfolio. In a deal secured by HFF, the company paid $18.25 million for 315 Broadway, a mixed-use property in the Tribeca neighborhood of Manhattan, N.Y.
Located directly across from the Jacob K. Javits Federal Building between Thomas and Duane streets on Broadway, the building was originally constructed in 1861 as a store and loft building. The property now incorporates 14,186 square feet of office space and approximately 3,900 square feet of ground floor retail space. 315 Broadway benefits from its location close to the Chambers Street, Park Place and City Hall subway stations.
An HFF investment sales team led by Senior Managing Director Eric Anton, Managing Director Rob Rizzi and Associate Directors Steven Rutman and David Fowler, secured the deal on behalf of the seller—a long-term private real estate partnership—free and clear of existing debt.
“We are extremely honored to have completed this successful transaction for our clients whom decided to sell into the strongest market Lower Manhattan has ever seen,” said Anton.
Image via PropertyShark