The Danish bank holding the loan for 1466 Broadway is mulling offers between $125 million and $180 million for the nearly vacant Times Square building owned by cash-strapped Istithmar, the Dubai investment company.
Real Estate Alert says the office building’s previous owners, Sitt Asset Management and Steve Sutton, a cousin of the Sitt family, have the inside track.
The group bought the building, formerly the Knickerbocker Hotel, in 2004 for $160 million and flipped it to Istithmar in 2006 for $300 million.
