Printer Friendly

CBS buys property for Letterman show.

In a move that will keep its newest star n the Big Apple, CBS last week purchased 1697 Broadway, a 13-storyoffice luilding that contains the Ed Sullivan Theater, for about $4 million.

The theater will undergo renovations and become the taping site for the David Letterman Show, which will soon move rom NBC to CBS.

Located between 53rd and 54th Streets, the property is comprised of 84,000,. square feet of office space and the 19,000-square-footlandmarked theater.

T he seller, Winthrop Financial Associates of Boston, was exclusively represented by Eastern Consolidated Properties. Brian Ezratty was the broker in the transaction.

According to Dawn Paris, principal, Eastern Consolidated Properties, CBS paid roughly $35 per foot and nothing for 175,000 square feet of air rights. "That's back to the price people paid in 1978," she said.

Paris said Eastern approached CBS in December but the network did not then have a use for the space. When Eastern heard they were negotiating with Letterman, they called CBS, again and the network brought Letterman through the space.

A number of television production companies and a developer were considering the building, Paris said, until CBS decided they wanted to buy the property. The deal was completed 10 days later. Intense negotiations, she said, included the buy-out of a tenant in the theater. Parts of the transaction at one point had to be reworked when someone leaked the impending purchase to the media. CBS signed the deal Saturday night

Since Letterman had considered moving to Los Angeles, the City of New York is said to have come forward with some type of incentive. They are expected to make an announcement about their contribution. The mayor is currently in Tokyo.
COPYRIGHT 1993 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:purchases office building at 1697 Broadway, New York, New York for production of 'David Letterman Show'
Author:Fitzgerald, Therese
Publication:Real Estate Weekly
Date:Feb 24, 1993
Words:285
Previous Article:Helmsley-Spear brokers sale of 3 Walmart store properties.
Next Article:John Preotle and Warren Lane.
Topics:


Related Articles
Theater building to sell.
CBS closes on purchase of building for Letterman.
Attorneys win tax refund for Ed Sullivan Theater.
Eastern Consolidated has record year in '93.
Deal-of-the-year: how it got done.
NEWS & NOTES : LETTERMAN'S MAKEUP COMMENT NOT INTENDED TO HURT CRAWFORD.
LETTERMAN READY TO `FRIGHTEN' CROWD AT ANOTHER OSCAR SHOW.
IF SHE CAN MAKE IT THERE, SHE CAN MAKE IT ANYWHERE.
Puff Daddy family set to move to $23m Times Square digs.
Futterman announces 40,000 s/f in Manhattan retail exclusives.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters