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Toy Center Sale: 1107 Broadway Still Kicking Around

As it turns out, the Toy Center sale wasn't as big as we thought, which kinda-sorta makes it even bigger. L&L Holding only purchased 200 Fifth Avenue for $500 million, not 200 Fifth and 1107 Broadway, which is connected via footbridge. The Times' Lisa Chamberlain has all the info, with L&L saying they have zero interest in 1107 B'way. They're also going to class up 200 Fifth with some serious renovations that may include interior hanging gardens and a sky lobby. Rents for commercial tenants will be in the mid-$70s to low-$80s per square-foot. The building must be delivered to L&L vacant, so get ready for some more toilet problems.

And what becomes of 1107 Broadway? It's still in the hands of the Chetrit Group, who claim they're still pushing ahead with those residential conversion plans, but don't, you know, hold your breath or anything. We'll assume this puppy is going to get sold as well, and L&L's president hinted that it would make a fine hotel. We tend to agree with that assessment.
· Condo Conversions Switch Gears to Go Commercial [NYT]
· Toy Center Sold, and We're Not Talking Monopoly Money [Curbed]

[1107 Broadway photo courtesy of Property Shark]