German investor acquires 1776 Broadway

Real Estate Weekly, May 12, 1993

The 115,000-square-foot 1776 Broadway, in Manhattan, long noted as an address for the arts and communications industries, has been acquired by a German investor in a transaction valued at $13 million.

Built in 1927 by noted New York developer Joseph E. Gilbert, the building currently has an occupancy rate of nearly 92 percent.

1776 Broadway currently serves as the headquarters to such major arts, fashion and communications companies, as: Radio Today, Inc., the nation's largest talk-radio program syndicator; American Playhouse Theater, whose productions are carried by The Public Broadcasting Corporation; and the design and showroom facilities for noted men's clothing designer Robert Comstock. The building is also the home to The Rolling Stones' Keith Richards, who uses the space for his promotion and management company.

The building was purchased at bankruptcy auction from Broadway/West 57th Street Associates. The new owner plans extensive renovations to both the interior and exterior of the building, hoping to restore the structure to its original grandeur.

Robert S. Krieger has been named leasing and marketing director for the building. Krieger has 21 years experience marketing such noted Manhattan properties as: 1860 Broadway; 17 East 45th Street; 1156 Avenue of the Americas; Three Park Avenue and 90 Park Avenue. He currently heads Krieger Realty Services.

Bruce Gropper, president of Boardwalk Realty Enterprises, Inc., who has been chosen managing agent for the building, said the restoration work the new owner has planned for 1776 Broadway will add to its already strong following in the industry.