Moshe and Saul Piller’s Ryms Realty is buying Sitt Asset Management and Sutton Equity‘s 1369 Broadway in Manhattan for $40 million.
The Moshe Group’s Moshe Majeski represented both sides in the transaction which is expected to close in March, Commercial Observer reported.
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Saul Piller told the Observer, that the building has a, “great undervalued retail component.”
“We own a lot of stuff in the outer boroughs and we’re trying to make headway into Manhattan. We thought this property had a lot of potential.”
Located on the on the corner of West 37th Street in midtown Manhattan, 1369 Broadway has 20, 500 square feet over six stories will 11 different office spaces for rent. It was built in 1928.