Retail space spans 45K SF
Steve Roth’s Vornado has acquired the retail condo at the base of the Marriott Marquis from Host Hotel and Resorts for $442 million.
Complicated deal… Vornado previously acquired a 54% interest in the condo and subsequently redeveloped it. A put/call arrangement provided the REIT the option to become the sole owner, which they exercised. Vornado’s basis in the property now totals approximately $663 million.
Dig Deeper: The retail space (45,000 SF) at 1535 Broadway is now fully leased to T-Mobile, Invicta, Swatch, Levi’s and Sephora. The sale includes the Marquis Theater (leased to the Nederlander Organization) in addition to the 25,000 SF digital sign.
Not all retail is created equal… The property is located in the heart of Times Square and spans the entire block front from 45th Street to 46th Street on Broadway. Vornado owns 1540 Broadway right across the street.