Deprecated: Required parameter $field follows optional parameter $post_id in /var/www/wp-content/plugins/advanced-custom-fields-pro/includes/acf-value-functions.php on line 57

Deprecated: Required parameter $field follows optional parameter $value in /var/www/wp-content/plugins/advanced-custom-fields-pro/includes/acf-value-functions.php on line 169

Deprecated: Required parameter $value follows optional parameter $key in /var/www/wp-content/plugins/advanced-custom-fields-pro/includes/ajax/class-acf-ajax.php on line 99

Deprecated: Required parameter $field follows optional parameter $i in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-repeater.php on line 715

Deprecated: Required parameter $post_id follows optional parameter $i in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-repeater.php on line 715

Deprecated: Required parameter $field follows optional parameter $i in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-repeater.php on line 781

Deprecated: Required parameter $post_id follows optional parameter $i in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-repeater.php on line 781

Deprecated: Required parameter $field follows optional parameter $name in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-flexible-content.php on line 1037

Deprecated: Required parameter $field follows optional parameter $i in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-flexible-content.php on line 1073

Deprecated: Required parameter $post_id follows optional parameter $i in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-flexible-content.php on line 1073

Deprecated: Required parameter $field follows optional parameter $i in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-flexible-content.php on line 1125

Deprecated: Required parameter $post_id follows optional parameter $i in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-flexible-content.php on line 1125

Deprecated: Required parameter $field follows optional parameter $id in /var/www/wp-content/plugins/advanced-custom-fields-pro/pro/fields/class-acf-field-gallery.php on line 300
920 Broadway - ClearRock Properties

920 Broadway

New York, NY

Project summary

Partner: The Carlyle Group

New York, NY

Total SF: 166,000

Partner

The Carlyle Group

Property

  • Office & Ground Floor Retail
  • 107,000 SF

Timing

February 2013 – May 2014

Opportunity

  • Located in the rapidly improving Midtown South submarket in the Flatiron District
  • Corner avenue located with large floor plates, a center core, high ceilings and good natural light
  • Disjointed sale process – August timing, six buildings separately marketed, multiple brokers with all proceeds from the sale donated to a University
  • 100% leased at time of acquisition with in place rents at half of market
  • Pricing was 30% below replacement cost

Value Add / 
Execution

  • Arranged the purchased of all six buildings achieving a volume discount
  • Bought out existing tenants whose rents were half of market
  • Executed a +$10MM redevelopment project that included a new lobby, elevators, façade work and common area upgrades
  • Signed two full-floor leases at record setting rents
  • Sold after 18 months for +2x the purchase price