106 – 108 West 57th Street

Role:
Owner, Management, Leasing
Property Summary

Bromley purchased this retail building located on 57th Street between 6th and 7th Avenue as a net-lease retail property in an emerging retail location with a deli as the in-place tenant.

Bromley Value Add

Bromley replaced the deli with a nationally themed restaurant for a significantly higher rent. A few years later, Bromley acquired an adjacent 25’ neighboring retail/residential property at 108 W. 57th St. via a tax auction, thereby creating a much more valuable development assemblage. Subsequently, Bromley negotiated to purchase air rights from the adjoining property to enhance development potential.

Result

After seriously considering moving forward on a major office tower, Bromley decided to take advantage of the strong New York City sales market in 2007. By negotiating to vacate the existing retail tenant, Bromley sold the property to a division of Hilton Hotel as a development site. The sale achieved the 3rd highest price for development rights in NYC that year and a significant return on investment for Bromley and its partners.