Harbor Group International sells three-story, 7,200 s/f retail property at 1420 Broadway, Manhattan for $18 millioin

Harbor Group International, LLC has sold 1420 Broadway, a three-story, 7,200 s/f retail property for $18 million. HGI purchased the property in October of 2012 for $10.25 million. "1420 Broadway is a stable asset in a strong market that benefits from a long term lease and buildable air rights," said Richard Litton, president of HGI, "The property's performance exceeded our expectations and once again confirmed our predictions for rapid growth in the Times Sq. submarket." Tal Savariego, vice president and David Hayum, senior vice president of Meridian Capital brokered the deal. Constructed in 1911, 1420 Broadway is 100% net leased to Christine Inc., which operates a luncheonette/convenience store on the first floor and subleases to a masseuse and salon on the second and third floor. It is located in the retail bridge between the Times Sq. and 34th St. retail corridors. HGI's success at 1420 Broadway mirrors the company's accomplishments in Lower Manhattan. In January 2010, the company bought 4 New York Plaza, a 1.1 million s/f office property from JP Morgan for $107 million and sold the property in May of 2012 for $270 million. In addition, HGI continues to pursue urban retail acquisitions, recently acquiring similar properties in New York, Washington, D.C., and London. Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at approximately $4 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company's real estate holdings include more than 7.4 million square feet of commercial properties and in excess of 24,500 apartment units. For additional information, please visit www.harborgroupint.com.