Adams & Company Acquires Flatiron District Office Building for $44M
By Mark Hallum August 24, 2023 2:05 pm
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Adams & Company has picked up a 12-story office building in the Flatiron District, which was the former home of Jay-Z’s 40/40 Club, for $43.5 million, according to property records.
The building at 1115 Broadway, alternatively known as 16 Madison Square West, was acquired with a $48 million loan from Apple Bank and is selling three years after Rockrose Development purchased it for $26.1 million, according to property records.
The buyer has had a stake in the building for several years, but it’s unclear what its role has been prior to taking full ownership on Wednesday.
Adams and Rockrose did not immediately respond to requests for comment, while Apple Bank could not be reached. It’s unclear who brokered the deal.
Built in 1914, the building sits west of Madison Square Park at the southeast corner of Broadway and West 25th Street and features 252,000 square feet of office and retail space.
Tenants in the building include digital advertising firm Taboola, which had up to 50,000 square feet in building as early as 2018. It’s unclear if the company’s footprint has shifted since the pandemic.
Furniture company Poppin also operates an 8,600-square-foot office and showroom in the property, CO previously reported.
Earlier this month, the 40/40 Club shuttered after 20 years in the building where it had leased up to 12,000 square feet, according to Eater NY. Jay-Z plans to reopen the club in a new spot, but the music mogul has not announced a location.
Mark Hallum can be reached at mhallum@commercialobserver.com.
