120 Fifth Avenue
A 70,000 square foot office/retail property located in the Flatiron District in NYC. Bromley negotiated a long-term leasehold with the estate ownership entity to take control of the property in 2006, at which time all the subtenant leases expired.
After studying residential conversion options, Bromley opted to keep 120 Fifth as an office building and remeasured the building to improve leasable square footage. After a major rehabilitation and 12-months post acquisition, Bromley leased all 11 floors in the building to a combination of existing and new creative and technology tenants.
During a 5-year period, Bromley increased NOI by 40% and the appraised value of the property more than doubled. A few years after signing the leasehold, Bromley successfully purchased the fee interest in the building from the estate and successfully recapitalized the building with TD Bank.
