22 Sep Fortress and others ink $200M Palace Theater dealAnthony Noto Aug 2, 2017
The hotel portion of 1568 Broadway has been sold.
JPMorgan Chase (NYSE: JPM) provided $75 million for the purchase.
The deal consists of two condo units. One portion sold for $162.8 million, and the other for $37.1 million.
It’s worth noting that, according to legend, the ghost of Judy Garland haunts the theater, and that her presence is felt near a doorway that was built especially for her near the orchestra (h/t Curbed NY).
Indianapolis-based Maefield Development, also a stakeholder in the 20 Times Square hotel, paid $540 million to purchase the leasehold interest in 1568 Broadway back in 2015.
The acquisition was the first step in a $2 billion redevelopment of the property, which is expected to include raising the historic Palace Theater 29 feet in a multi-million dollar restoration and 10,000 square feet of retail space ( h/t Real Estate Weekly).
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