NEW YORK, NY (BUSINESS WIRE)--Morgan Stanley Real Estate Investing (MSREI) announced today the acquisition of 1107 Broadway (the former Toy Building North), a 350,000 square foot office building located along the west side of Madison Square Park in Manhattan, in partnership with The Witkoff Group. MSREI and The Witkoff Group plan to convert the vacant building, which was acquired through a short sale process, into luxury condominiums.
“1107 Broadway is a terrific property that we are thrilled to add to our portfolio,” said John Klopp, Co-Chief Executive Officer and Co-Chief Investment Officer of MSREI. “We look forward to partnering on this project with The Witkoff Group, a premier developer and operator with proven execution capabilities.”
“The Witkoff Group’s aim is to have 1107 Broadway set the mark for luxury residential properties in the Madison Square Park/Flatiron district,” said Steven Witkoff (lower left photo) Chief Executive Officer of The Witkoff Group.
“Throughout Manhattan there is only a limited supply of park-fronting condominiums, so the opportunity to develop a property with unobstructed views of Madison Square Park and unique physical attributes is an exciting one.
"1107 Broadway has an excellent location in a popular neighborhood that is a live/work destination of choice, given its proximity to both Midtown and Downtown Manhattan and its outstanding public transportation access.”
Founded in 1997, The Witkoff Group is a real estate investment and full-service development firm headquartered in New York City, whose portfolio includes office, various land and hotel development interests, and residential buildings. Witkoff specializes in identifying and acquiring value added development deals and undervalued properties that require repositioning and large capital renovation programs. Over the last 15 years, Witkoff has acquired over 60 buildings totaling approximately 18 million square feet in all major central business districts throughout London and the U.S., various hotels, and over 12,000 residential units, representing a total cost of approximately $7 billion.
Contacts
Morgan Stanley
Media Relations:
Matt Burkhard, 212-761-2444
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