June 24, 2016
ASB Real Estate Investments joined forces with L3 Capital to acquire a Union Square, mixed-use building at 862 Broadway in New York City. The $25 million buy was made on behalf of ASB’s Meridian Real Estate Fund. The seller was 862 Broadway LLC, a partnership controlled by L3.
The four-story, 71,000-square-foot brick townhouse structure is at the northwest corner of Union Square. The New York-based owner plans to remodel the 100%-occupied building.
“Union Square is fast transforming into one of the city’s most heavily trafficked pedestrian crossroads and easily accessible retail-restaurant destinations,” said James Darcey, ASB Managing Director. “Its strategic subway hub and popular farmer’s market enhance the potential for the area’s growth and attractiveness for retailers looking for signature Manhattan locations.”