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1370 Broadway sold in garment district.

1370 Broadway, one of the garment center's most distinguished showroom buildings, was sold to a New York investment group for $21 million. Ron Cohen and Richard Baxter, managing directors of ESG's Investment Sales division, acted as sole brokers in the transaction which closed in just six weeks.

The 16-story, 246,000-square-foot building, located on the southeast corner of 37th Street, was purchased in 1988 by the Dabbah family for $45 million. It was sold directly out of bankruptcy court for less than half the 1988 purchase price.

Substantial improvements have already been made at the building, including the installation of all new mechanical systems. Among its high-profile tenants are Esprit, Gitano and Rosenthal & Rosenthal.
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Title Annotation:New York, New York
Publication:Real Estate Weekly
Date:May 19, 1993
Words:114
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