The Sitt family signed a contract to buy Two Herald Square for $500 million right before New Year’s.
The Post has learned that the brothers David, Eddie, Ralph and Jack Sitt beat out a gaggle of competitors by working over the holidays to iron out the numbers.
Jack Sitt did not return a call for comment.
Also known as the Marbridge Building and 1328 Broadway, the building sits on the northeast corner of 34th Street and Broadway and has five varied sets of users, each with their own separate lobbies.
Jason Brown, COO of seller RFR Holdings, said it was time to sell.
“We created an asset that is a great mix of retail and office and includes possible expansion within the building, and that allowed us to achieve the pricing on the asset. The stars were all aligned for the building to be traded.”
According to Richard Baxter of Cushman & Wakefield, who was one of the firm’s four investment brokers on the job, the property was able to fetch a price of $1,400 a square foot due to its 90,000 square feet of retail, long-term leases with tenants H&M and Victoria’s Secret, and the potential for future upside.
The ad agency Publicis and Mercy College round out the major commercial tenants.
“The Sitt brothers are planning to explore every possible opportunity,” he said.
There is signage potential and a full-block garage.
