770 Broadway

770 Broadway
770 Broadway in August 2021
Map
General information
TypeOffice, retail
Architectural styleCast-iron architecture
Location770 Broadway
New York, New York, US
Coordinates40°43′51″N 73°59′29″W / 40.7307°N 73.9913°W / 40.7307; -73.9913
Completed1907; 117 years ago (1907)
OwnerVornado Realty Trust
Technical details
Floor count15
Lifts/elevators14 passenger, 6 freight[1]
Design and construction
Architect(s)Daniel Burnham (1907)
Hugh Hardy (2000 renovation)

770 Broadway is a 1,200,000-square-foot (110,000 m2) landmarked mixed-use commercial office building in NoHo, Manhattan, in Lower Manhattan, New York City, occupying an entire square block between 9th Street on the north, Fourth Avenue to the east, 8th Street to the south, and Broadway to the west. The building is owned and managed by Vornado Realty Trust. It was completed in 1907 and renovated in 2000 per a design by Hugh Hardy.[1]

Major tenants include Wegmans, with an 82,000-square-foot (7,600 m2) ground floor retail store that opened in 2023,[2][3] Meta Platforms, which occupies 800,000 square feet (74,000 m2)[4] and has sole roof access,[5] and Yahoo!, which occupies the fourth, fifth, sixth and ninth floors.[6]

The building has one of the largest property tax bills in commercial real estate: $19.6 million in 2022.[7]

History

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770 Broadway was built between 1903 and 1907 and was designed by Daniel Burnham as an annex to the original Wanamaker's department store in New York, which was across 9th Street to the north.[8] The two buildings were connected by a sky bridge, dubbed the "Bridge of Progress", as well as a tunnel under 9th Street. The building originally included a central court and an auditorium with a pipe organ that hosted top musicians and orchestras, and was also an early television studio.[9]

In 1954, Wanamaker's closed as department stores expanded to the suburbs. The northern lot was sold in 1955. In 1956, a fire gutted the original Wanamaker's department store building while it was under demolition, injuring 77 people.[10] The annex at 770 Broadway survived and was leased up; in 1958, the ground floor was leased to the United States Army,[11] in 1959, Manhattan Savings Bank leased space for a branch in the building.[12]

In November 1996, Kmart opened a store in the ground floor retail space.[13] Two years later in July 1998, Vornado Realty Trust acquired the building for $149 million.[14] In 2000, the building was renovated to a design by Hugh Hardy.

In 2007, AOL moved its headquarters to 152,000 square feet (14,100 m2) in the building.[15] Vornado obtained a $700 million loan for the building in 2016.[16] Facebook Inc. (later Meta) gradually leased space in the building, occupying most of the structure, or about 813,000 square feet (75,500 m2), by the early 2020s.[17][18]

In July 2021, the Kmart store was closed and the space was leased to Wegmans,[19] which opened a store there in October 2023.[2][3] The building was refinanced again in 2022 with a $700 million loan.[20][21] After Meta downsized its space in the building,[22][23] Vornado agreed in 2024 to lease 1.1 million square feet (100,000 m2) of office space to New York University.[24][25]

References

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  1. ^ a b "770 BROADWAY". Vornado Realty Trust. Archived from the original on April 5, 2023. Retrieved October 20, 2023.
  2. ^ a b Kvetenadze, Téa (October 18, 2023). "New Yorkers celebrate opening of first Manhattan Wegmans at Astor Place". New York Daily News. Archived from the original on October 20, 2023. Retrieved October 18, 2023.
  3. ^ a b Cole, Kirstin (October 18, 2023). "Wegmans opens at Astor Place in the East Village". PIX11. Archived from the original on October 18, 2023. Retrieved October 20, 2023.
  4. ^ "Facebook Takes More Space at Vornado's 770 Broadway". The Real Deal. April 13, 2022. Archived from the original on May 31, 2023. Retrieved October 20, 2023.
  5. ^ "A look inside Facebook's New York office". The Real Deal. November 26, 2016. Archived from the original on May 11, 2023. Retrieved October 20, 2023.
  6. ^ "Office Locations". Yahoo!. Archived from the original on August 18, 2023. Retrieved October 20, 2023.
  7. ^ Sherman, Erik (June 23, 2022). "New York City Is King for Top Office Property Tax Bills". GlobeSt. Archived from the original on October 20, 2023. Retrieved October 20, 2023.
  8. ^ "East 9th Street Then and Now". Greenwich Village Society for Historic Preservation. December 7, 2011. Archived from the original on June 1, 2023. Retrieved October 20, 2023.
  9. ^ Fletcher, Tom (March 18, 2014). "New York Architecture Images – WANAMAKER'S". www.nyc-architecture.com. Archived from the original on October 27, 2005. Retrieved October 20, 2023.
  10. ^ Morris, Larry (July 15, 1956). "Wanamaker Fire Imperils IRT Line; 77 Hurt at Scene; Service Between Brooklyn Bridge and Grand Central Stations Is Halted". The New York Times. ISSN 0362-4331. Archived from the original on May 12, 2023. Retrieved October 20, 2023.
  11. ^ "Army Takes Space at 770 Broadway; Leases Mezzanine and 80% of Ground Floor – Other Realty Deals Are Noted". The New York Times. January 1, 1958. ISSN 0362-4331. Archived from the original on March 6, 2023. Retrieved October 20, 2023.
  12. ^ "Bank Plans Office; Manhattan Savings to Open Branch at 770 Broadway". The New York Times. December 25, 1959. ISSN 0362-4331. Archived from the original on March 6, 2023. Retrieved October 20, 2023.
  13. ^ Offenhartz, Jake (July 12, 2021). "Kmart, An Unlikely Astor Place Icon, Shutters Without Notice". Gothamist. Archived from the original on July 12, 2021. Retrieved October 20, 2023.
  14. ^ "Vornado acquired 770 Broadway, a 1,000,000 sq. ft. Manhattan office building" (PDF) (Press release). Vornado Realty Trust. July 24, 1998. Archived (PDF) from the original on April 7, 2023. Retrieved October 20, 2023.
  15. ^ Story, Louise (September 17, 2007). "AOL Moving Headquarters to New York". The New York Times. Archived from the original on October 17, 2023. Retrieved October 20, 2023.
  16. ^ Balbi, Danielle (February 17, 2016). "Vornado Closes $700M Refi of 770 Broadway". Commercial Observer. Retrieved August 7, 2024.
  17. ^ "Facebook upsizes at Vornado's 770 Broadway". The Real Deal. April 13, 2022. Retrieved August 7, 2024.
  18. ^ Rizzi, Nicholas (April 13, 2022). "Facebook Expands by 300K SF at 770 Broadway". Commercial Observer. Retrieved August 7, 2024.
  19. ^ Matsuda, Akiko (July 16, 2021). "Vornado Lines Up Grocer for Astor Place Kmart Space". The Real Deal New York. Archived from the original on July 28, 2021. Retrieved July 29, 2021.
  20. ^ Vidal, Karl Angelo (July 6, 2022). "Vornado closes refinancing of NYC assets; PGIM buys Denver tower for $233M". S&P Global Market Intelligence. Archived from the original on March 6, 2023. Retrieved October 20, 2023.
  21. ^ Rogers, Jack (July 8, 2022). "Vornado Realty Trust Completes $3.2B in Refis". GlobeSt. Retrieved August 7, 2024.
  22. ^ Nehring, Abigail (February 13, 2024). "Meta Exits 275K SF at 770 Broadway". Commercial Observer. Retrieved August 7, 2024.
  23. ^ Brenzel, Kathryn (February 13, 2024). "Meta shrinks office at Vornado's 770 Broadway". The Real Deal. Retrieved August 7, 2024.
  24. ^ Elstein, Aaron (November 5, 2024). "NYU leases most of Vornado's 770 Broadway and prepays rent". Crain's New York Business. Retrieved November 7, 2024.
  25. ^ Kalinoski, Gail (November 7, 2024). "NYU to Lease 1.1 MSF at Vornado Property". Commercial Property Executive. Retrieved November 7, 2024.
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