Vornado and SL Green, two of New York’s biggest REITs, have agreed to buy $400 million in debt from Broadway Partners and Investcorp on the 1.2 million-square-foot complex at 280 Park Avenue.
Broadway and Investcorp bought the building for $1.2 billion in 2007, in one of the most expensive building purchases that heady year. In more recent news, the Read More
Jones Lang LaSalle has hired longtime Broadway Partners managing director Gregory Green as president of the firm’s National Agency Leasing group. Mr. Green, 48, will be based out of Jones Lang LaSalle’s New York office and will work with landlords in the tristate region and nationally, according to a release.
Mr. Green, Read More
Staff writers at Mort Zuckerman’s New York Daily News may no longer have to work in one of the ugliest office buildings to blight New York’s, or any city’s, streetscape. The Daily News has hired brokerage Cushman & Wakefield to look for new office space. Rumor has it that the paper wants offices Read More
As conditions in Manhattan’s commercial market grow grimmer, one question continues to dog investors: Where’s the debt and how can I break me off a piece?
The Manhattan office market dropped 22.9 percent between the second quarters of 2008 and 2009, according to the Moody’s/REAL Commercial Property Price September Indices, compared to 30.1 percent regionally Read More
Two years ago, Broadway Partners was an empire on the march.
They owned some of the country’s best Class A office properties—the 62-story Aon Center in Los Angeles, One City Centre in Houston, 522 Fifth Avenue in New York—but they were always searching for more. Led by founder and CEO Scott Lawlor, the Read More
Jonathan Yormak has left Broadway Partners, the young, Ivy League-educated real estate firm that used short-term debt to devour New York real estate at obscene prices during the heyday of the boom.
He could not be reached for comment. But a source familiar with the Broadway’s goings-on said that Mr. Yormak, the Read More
Which investment firm will collapse next in fits of overleveraged agony? It’s an increasingly popular, albeit morbid, parlor game that real estate folks like to play now that leases are scarce, contracts nonexistent and Harry Macklowe no longer diverting their attention with his various shenanigans. On this week’s radar: golden boy Broadway Partners.
Broadway Read More
The Boston Globe has new details about Broadway Partners’ financing troubles stemming from its $1.3 billion shopping spree in 2006, homing in on its highly leveraged purchase of Boston’s John Hancock Tower and a related parking lot, which were part of a Beacon Capital Partners portfolio.
According to The Globe:
"Broadway bid aggressively Read More
Amid all the dreadful news about commercial real estate, it’s outright soothing to hear that nuts-and-bolts leases continue to get signed.
Broadway Partners just inked a sizable new lease at its 340 Madison Avenue, the 22-story, squat glass building one block from Grand Central.
The Office of the Comptroller of the Currency –- Read More
Broadway Partners has sold for $375 million the first building it ever bought in Manhattan, 660 Madison Avenue. Broadway Partners' Web site says the 13-story building is 254,474 square feet, meaning it sold for over $1,470 a square foot, a hefty price tag in even today's heated investment sales market. Its tenants include residential real Read More