With Margaritaville Deal Nearly Sealed, $295M Brill Building Investment Closes [Updated]
Brill Holdings, a partnership of real estate investment firm B+B Capital, Israel-based fashion chain Fox-Wizel and landlords Conway Capital and Schottenstein Realty, has bought into the landmarked Brill Building for $295 million, Commercial Observer has learned.
CO reported in August 2015 that the 175,000-square-foot building at 1619 Broadway between West 49th and West 50th Streets was in contract and as of today, Allied Partners and Brickman are co-owners of the 11-story building with Brill Holdings.
Jimmy Buffett’s hospitality brand Margaritaville is negotiating a deal for its first New York City location at the Brill. A source with intimate knowledge of the situation previously told CO that Margaritaville’s 25,000-square-foot space will span part of the ground floor, the lower level and the 11th-floor rooftop. In addition to his tropical-themed restaurant Margaritaville and a store, on the rooftop, Buffett will have a Landshark Bar & Grill, the source said, serving a quick bite and drinks in a more casual setting.
Besides having a lease out with Margaritaville, Brill Holdings is negotiating with CVS (17,500 square feet) and WeWork (WE) (50,000 square feet of office space). These leases bring the building to 85 percent occupied, a source said. The retail asking rent ranges from $650 to $700 per square foot and the office asking rent is between $60 and $70 a foot.
Allied Partners and Brickman purchased the building two years ago for $185.5 million, according to city records.
Ilan Bracha, the co-founder of Keller Williams NYC and founder of B+B Capital, brokered the deal on behalf of Brill Holdings. Richard Baxter and Ron Cohen of JLL represented the seller, CO previously reported. Neither Bracha nor Baxter responded to a request for comment.
Update: This story was edited to reflect that Brill Holdings has invested in the Brill Building, not bought out Allied Partners and Brickman.