Real estate investor Eric Hadar of Allied Partners, along with the private equity firm Brickman, have taken ownership of the iconic Brill Building in New York at a purchase price of $185.5 million, or about $1,100 per square foot. Barry Sternlicht's Starwood Property Trust provided a $158.5 million first mortgage to help finance the transaction, while Square Mile Capital Management provided $40 million of financing. Adam Spies and Doug Harmon of Eastdil Secured brokered the sale.
"We are excited to be involved in a project that will help modernize one of Times Square's most famous and storied buildings," said Boyd Fellows, President and Director of Starwood Property Trust. "This transaction is a prime example of our unique ability to act as a one-stop-shop to provide large, highly specialized loans that meet the needs of high-quality sponsors like Allied Partners and Brickman."
The Brill Building was 27% occupied at the time of sale, but the new owners have plans to begin extensive renovations expected to retain the landmark building's heritage and aesthetic while modernizing infrastructure. The new space, opening in 2014 will house the Songwriters Hall of Fame among other tenants including fashion, arts, media, entertainment and other creative office users, according to a CoStar report. Moving forward, retail leasing will be managed by Jeffrey Roseman of Newmark Grubb Knight Frank with commercial leasing run by Paul Kotcher of Brickman.
For more news and information visit Blumberg Capital Partners.
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