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1710 Broadway

Address

1710 Broadway, New York, NY

Square Feet

71,000 SF

Major Tenants

Bad Boy Records, AT&T, Starbucks, Ray’s Pizza

Submarket

Columbus Circle, Times Square

Acquired

October 2003

Property Overview

1710 Broadway is a 71,000 square foot property, strategically located between Times Square and Columbus Circle, two of Manhattan’s best performing areas for retail, office, hotel and residential properties.

Investment Strategy

C&K recognized the opportunity to acquire an attractive and well located office building that was not property valued by the brokerage community due to its high vacancy and lack of market identity. At the time of C&K’s purchase the property had been 100% owned and occupied for 60 years by Amalgamated Clothing and Textiles Workers Union, who were leaving the property completely vacant upon sale. Realizing value where others did not, C&K purchased 1710 Broadway for well below replacement cost, developed grade level retail space and leased 100% of the office space to Sean “P. Diddy” Combs. Within 18 months of purchase, the property was completely renovated, 100% leased and refinanced. All of C&K’s original equity was returned and the property continues to enjoy long term cash flows from a “brand name” credit tenant. C&K stands to recognize continued upside through the remaining 30,000 SF of development rights that are still available for future add-on or re-development of the site.

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