Case Study
1657 Broadway
| Acquisition Date: | September 2006 |
|---|---|
| Asset Type: | Block-front retail in northern Times Square area with office component |
| Size: | 65,000 SF office 35,000 SF retail |
| Tenants: | McDonalds Corp. Duane Reade (a wholly owned subsidiary of Walgreen Co.) |
| Acquisition Cost: | $60.1 million |
| Equity: | $12.0 million |
| Unrealized Value (Total Capitalization): | $111.1 million |
| Projected Gross IRR: | 26.8% |
| Projected Gross Equity Multiple: | 5.1x |
