Real estate investment firm Midtown Equities LLC is buying the 218,000-square-foot 1 Broadway office building in Manhattan, N.Y., for $140 million from an undisclosed Swiss trust, according to the New York Post.
The 12-story building was built for the International Merchant Marine Corp. in 1920 and 1921, and is expected to be transformed into modern offices or luxury residential space. The property also contains 30,000 square feet of additional air rights, the May 15 report noted, citing sources.
Work on the building will commence after its largest occupant, intellectual property firm Kenyon & Kenyon, and ground-floor tenant Citibank move out.
Cushman & Wakefield represented the sellers in the deal.