Harbor Group International Acquires Two NYC Retail Properties

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Harbor Group International Acquires 1420 Broadway and 246-248 West 125th Street in New York City

Harbor Group International, LLC (“HGI”) announced today that an affiliate of the Company has acquired 1420 Broadway and 246-248 West 125th Street in New York City.

“Harbor Group International is committed to our presence in New York City,” says Jordan E. Slone, Chairman & CEO of HGI, “Both properties are stable assets with long-term leases and buildable air rights, representing great value to our investors.”

1420 Broadway is a three story 7,200-square-foot net leased retail building constructed in 1911 and located in the retail bridge between the Times Square and 34th Street retail corridors. The asset is 100 percent leased to a single tenant, Christine Inc., which has a luncheonette/convenience store on the first floor, with a masseuse and salon subtenants on the second and third floors respectively.

246-248 West 125th Street is a single story 5,046-square-foot net leased retail building constructed in 1973 and located at the heart of the Harlem retail corridor. The asset is 100 percent leased to two tenants, City of Gold and Children’s Place, with long-term in place leases. Located across the street from the famous Apollo Theatre, 246-248 West 125th Street is located in the center of the heavily trafficked 125th Street retail strip. The asset has received recent capital improvements including a new roof in 2011.

“Times Square is one of the top ten retail areas in the United States and a well-known destination for entertainment and business,” adds Slone, “Additionally, 1420 Broadway is located adjacent to 1412 Broadway, an HGI affiliate-owned office property that serves as our New York headquarters.”

Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.4 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 8 million square feet of commercial space and approximately 23,000 apartment units. For additional information, please visit http://www.harborgroupint.com.

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Sid Bridge
Harbor Group International, LLC
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Linda Alexander
Alexander Marketing
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