$170M Sale of Broadway Office Building Closes

Alen Mamrount’s American Exchange Group under the entity 1375 Owners LLC, has reportedly closed on the fee-simple purchase of 1375 Broadway that closed December 19th. The sale by Savanna of the 519,000-square-foot office building fetched a price of roughly $170.404 million. In August 2024, the existing $200 million provided by AAREAL Capital Corp. in July 2020 was assigned to the American Exchange Group; and upon the December sale closing, Sail Harbor Capital LLC assumed the $200 million loan, reducing it to $165 million as part of the amended and restated mortgage agreement. According to city records, in 2010 under the entity 1375 Broadway Property Investors II, LLC, Savanna purchased the land, also called the fee, from Chedward Realty Corp. for roughly $89.026 million as well as an existing leasehold estate from Statecourt Enterprises, Inc. for roughly $46.014 million. In 2015, press at the time announced the purchase of a 96% stake in the building by Westbrook Partners under the entity Gadol 45 Owner, LLC, city records indicating that $310 million was paid in real estate property and real estate transfer taxes (RPTT and RETT); and in 2020, Savanna repurchased Westbrook’s stake for $435 million taking full control of the asset. Future plans for the building by new ownership have yet to be announced.

Source:    https://therealdeal.com/new-york/2025/01/03/american-exchange-group-acquires-1375-broadway/