The Brill Building at 1619 Broadway between 49th and 50th Streets is a 175,000 square foot mixed-use office and retail building known for being New York’s iconic center of songwriting and entertainment. Built in 1931, the 11-story landmark historic building is home of the Songwriters Hall of Fame and has been home to a multitude of iconic songwriters and artists throughout the years, including superstars Neil Diamond and Paul Simon, as well as a diverse cast of creative artists from the world of entertainment, such as Woody Allen, Liza Minnelli, Martin Scorsese and Lorne Michaels.
Allied acquired the Iconic Brill Building in 2013 in partnership with Brickman Real Estate Fund, identifying that despite its prime Times Square location, the property was underutilized and in need of renovation and modernization. Allied identified three key areas of opportunity. Firstly, the building underutilized its high traffic location to maximize its potential in retail and advertising revenues. Secondly, the building required significant modernization to attract 21st Century tenancy. Finally, the building needed to enhance its identity to further promote its history and location to generate demand for its office space.
Allied’s redevelopment included a gut renovation and repositioning of the entire building, creating 50,000 square feet of new prime Times Square retail space, the addition of new 3-story LED signage, and the modernization of 125,000 square feet of high quality office space.
These redevelopment efforts resulted in the sale of a significant portion of the ownership interests in the property at a higher valuation, realizing a substantial profit.