By Daniel Geiger
1450 Broadway, an almost 400,000 s/f building in Times Square, is in talks to be sold to the real estate investment firm Zar City Properties, according to multiple sources.
Although the purchase price being negotiated in the potential deal was not clear by press time, a source with knowledge of the asset said that its market value could be around $650 per s/f, which would put the building’s value in the range of $260 million.
A partnership between the investors Joseph Moinian, Joe Chetrit, and Edward Minskoff purchased 1450 Broadway in 2004 for about $92 million from the real estate investment company Murray Hill Properties. The 42-story property, which sits on the corner of 41st Street and Broadway, has little vacancy, a source familiar with leasing in the building said. Tenants in the building include Joe Boxer and Disney.
Neither Moinian nor representatives at Zar City were available for comment.