After investing $10 million in upgrades, Harbor Group International is planning to sell its property at 1412 Broadway in Times Square South for as much as $250 million, the New York Post reported.
The Norfolk, Va.-based private real estate investment group purchased the 420,000-square-foot office building for $150 million in 2010. The company, led by Jordan Slone, upgraded the building’s lobby, elevator cabs and base façade, as well as upgrading a small retail annex at 1420 Broadway, which is also part of the property. Harbor purchased the annex from Emmes Asset Management for more than $10.2 million in 2011.
The upgrades led to 96 percent of the building being leased. Tenants include Jones New York, Escada, and Oberon Securities.
In May, Harbor Group sold an office building at 4 New York Plaza for a $155.9 million profit, as The Real Deal reported, after purchasing the building in 2010.
Douglas Harmon and Adam Spies of Eastdil Secured have been hired to market the building. [NYP] –Cody Calamaio