1441 Broadway Trades for $240 Million With Fortress Acquisition Financing
- ARCFE U.S.
- 2 days ago
- 3 min read
60 Guilders and Sentry Realty have acquired 1441 Broadway, a Midtown Manhattan office property also known as 10 Times Square, for approximately $240 million.
According to Commercial Observer, the estate of L.H. Charney sold the property, while Newmark arranged both the sale and the acquisition financing.
Fortress provided the buyers with a floating-rate acquisition loan equal to approximately 70% of total project cost. This means the transaction combines acquisition debt with a meaningful equity contribution from the buyer group, although the article did not disclose the exact loan amount or complete capital structure.
The Art Deco office building is located between West 40th and West 41st streets, near Bryant Park and Times Square. Commercial Observer reports that the property contains approximately 550,000 square feet, stands 33 stories tall and is currently about 90% leased.
The property has also recorded recent leasing activity. NYC Alliance signed an 11-year lease for approximately 50,000 square feet in March, while several other tenants completed leases at the building last year.
Although occupancy is already high, some existing leases are reportedly below current market rents. The new ownership group plans to improve the building, refine the tenant mix and increase cash flow over time as leases are renewed or replaced.
The acquisition also expands the buyers’ concentration along Broadway. The group previously acquired 1375 Broadway and later completed a $213 million refinancing, while Sentry Realty also purchased 1370 Broadway for approximately $75.5 million. The 1441 Broadway deal is their third acquisition in the surrounding area.
Why the 1441 Broadway Acquisition Matters for New York Real Estate
The transaction shows that investors remain interested in well-leased Midtown office assets when there is a clear opportunity to improve future income.
For clients following New York real estate, the practical takeaway is simple: current occupancy provides an existing cash-flow foundation, while below-market leases may create future upside. However, that upside still depends on successful renewals, tenant retention and market conditions.
EB-5 Investor Insight
1. Leverage should be considered together with the business plan.A loan covering approximately 70% of project cost reduces the amount of equity required at closing, but a floating-rate structure also makes leasing progress, operating cash flow and future refinancing important.
2. High occupancy does not tell the entire story.Investors should also review current rent levels, lease expiration dates, tenant concentration and the capital required to upgrade or reposition the property.
Investors can learn more about how different funding sources affect risk and repayment priority through ARCFE’s EB-5 Immigrant Investor Program.
Related ARCFE Resources
Review important travel, tax, residency and immigration considerations after receiving a conditional green card.
Learn how senior debt, mezzanine financing, preferred equity and common equity differ in repayment priority and risk exposure.
Understand how investors can review financing, collateral, market demand and project execution beyond headline numbers and marketing materials.
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Official Sources
Building Information: L.H. Charney — 10 Times Square / 1441 Broadway
Buyer Information: 60 Guilders — New York City Real Estate Management and Investment
Disclaimer: Articles published under the "News" category are curated from third-party media sources for informational purposes only. ARCFE does not claim ownership of the original content, nor does it guarantee the accuracy, completeness, or timeliness of the information presented. The views and opinions expressed in these articles are those of the original authors and do not necessarily reflect the position of ARCFE. Nothing contained herein constitutes investment, legal, or tax advice. Readers are encouraged to consult with qualified professionals before making any investment decisions.
