SL Green Realty Corp. and retail deal maestro Jeff Sutton have closed on another slice of Times Square for $136.55 million.
The landmarked 15,000-square-foot building at 1552 Broadway on the northeast corner of 46th Street was purchased on Friday from the Riese Organization, which currently operates the TGI Friday’s. That restaurant will likely be closed in the future.
As the Post first reported in March, the building was marketed by the Jones Lang LaSalle Capital Markets team of Jon Caplan, Richard Baxter, Ron Cohen and Scott Latham. JLL and SL Green declined comment and Sutton did not return calls or e-mails.
The historic, four-story I. Miller Shoe Building is landmarked to preserve statues of actresses Ethel Barrymore, Marilyn Miller, Mary Pickford and Rosa Ponselle in niches on the second floor, but an addition can be constructed on top.
Along with creating a taller building, two billboards can also be upgraded to LEDs, and approvals for a third sign are in place. The signage can generate hundreds of thousands of dollars a month.
In Times Square, SLG and Sutton are also partners in the American Eagle location at 1551-55 Broadway and at 1604 Broadway, where signage and a Sbarro’s cover all costs while the former Spotlight New York space remains for rent.
SLG also owns the Viacom headquarters tower at 1515 Broadway.
