Manhattan's Time Square 1552 Broadway Building Sells for $136 Million

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This week Jones Lang LaSalle announced its New York Capital Markets team has closed the sale of 1552 Broadway for the Riese Organization.  A joint venture of SL Green and Wharton Acquisitions purchased the 15,000-square-foot retail property for $136,550,000.

The four-story landmark building, also known as the I. Miller Building, is strategically located at the northeast corner of 46th Street and Broadway, across from Duffy Square.    In addition to a four-story TGI Friday's, the property features two prominent billboard signs on the Times Square "bow tie" and approvals for a third sign.

Leading the Jones Lang LaSalle team on this transaction were Vice Chairmen Jon Caplan, Richard Baxter, Ron Cohen and Scott Latham.

"It's a special property with huge potential.  Times Square is the billboard capital of the world, and its retail rents are approaching those on Fifth Avenue in the 50's--the highest levels in New York City," noted Caplan.

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