The $400 Million Question: What’s Really Happening Inside 1407 Broadway, NYC’s Iconic Office Tower?
The iconic 1407 Broadway, a colossal 1.1 million-square-foot Class A office tower in the heart of the Time Square South submarket, remains one of Manhattan’s most prominent commercial addresses. As of today, December 23, 2025, the building continues to be a hub for a diverse array of high-profile tenants, yet recent financial reports have cast a shadow, revealing a staggering loss in appraised value that has sent ripples through the New York commercial real estate market.
This 43-story structure, managed by Shorenstein Properties, perfectly encapsulates the blend of classic New York history and cutting-edge modernity, having been originally constructed in 1950 and undergoing a major "reimagining" in 2015. Despite its prime location and top-tier amenities, the building has been at the center of recent financial news, prompting a closer look at its current status, tenant roster, and future trajectory.
The Financial Shockwave: Appraised Value and Ownership Profile
The biggest headline surrounding 1407 Broadway recently is the significant financial revaluation. The building has reportedly lost almost $400 million in its appraised value, a major blow to its owner, Shorenstein Properties, whose troubled debt portfolio is nearing the $1 billion mark. This dramatic shift highlights the ongoing challenges facing the commercial real estate sector, even for premier assets in highly desirable New York locations.
The building’s ownership and management history is a key part of its story. It was acquired by Shorenstein Properties in a major transaction from Lightstone in April 2015. Shorenstein has since managed the property with a focus on modernizing its facilities and attracting a diversified tenant base, moving beyond its historical roots in the Garment District to become a true Midtown South/Times Square South powerhouse. The property is officially listed in city records under the owner name "1407 BROADWAY," a common practice for large commercial ventures.
Key Building and Location Statistics
- Total Size: 1,100,000 Square Feet (SF)
- Building Class: A
- Year Built/Reimagined: 1950 / 2015
- Location: Time Square South submarket, situated between the Garment District and the bustling transit hubs of Penn Station and Herald Square.
- Transit Score: 100 (Rider's Paradise)
- Walk Score: 99 (Walker's Paradise)
A Roster of Power: Who Occupies 1407 Broadway Now?
Despite the financial headwinds, 1407 Broadway maintains its status as a highly sought-after address, evidenced by its robust and diverse tenant list. The building is a true "multiple tenancy" structure, housing dozens of companies across various industries, from technology and finance to fashion and global cosmetics.
The most recent activity underscores its enduring appeal. In a very recent transaction, software company Optimove signed a sublease for over 10,000 square feet, securing a key presence in the building. This follows other significant new leases, including a 13,735-square-foot deal with David Donahue and a substantial 22,318-square-foot lease by Ikeddi Enterprises.
Notable Current and Past Tenants (Entities)
The building’s tenant mix provides strong topical authority, showcasing its transition from a traditional fashion center to a modern, diversified business hub. Key entities include:
- Amorepacific US, Inc.: The global beauty and cosmetics giant.
- Jamf Software: A leader in Apple device management.
- Geneva Watch Group: A major player in the watch and jewelry industry.
- Optimove: Recent software company tenant.
- Comcast: The telecommunications and media conglomerate.
- Knotel: A flexible office provider.
- Black Mountain Systems: A financial services technology firm.
- S. Rothschild: A long-standing presence, often associated with the building’s fashion roots.
- ES Sutton
- Risk Insurance Management
- David Donahue
- Ikeddi Enterprises
The Modern Edge: Amenities, Sustainability, and The Future
The 2015 reimagining was crucial in positioning 1407 Broadway as a Class A contender. The building is designed to offer a premium tenant experience, blending classic charm with modern, cutting-edge facilities. Its location offers unparalleled access, with a 100 Transit Score meaning it is steps away from nearly every major subway line and commuter rail.
The array of amenities is comprehensive, catering to the needs of modern corporations:
- 24 Hour Access and Security
- 24/7 Lobby Attendant
- On-site Restaurant and Banking Facilities
- Nearby Parking and Dining Options
Beyond the convenience, 1407 Broadway has made a significant commitment to environmental responsibility. It is recognized as a Platinum Member of the U.S. Green Building Council and is an EPA ENERGY STAR® Partner. This focus on sustainability and energy efficiency is a major draw for environmentally conscious corporate tenants seeking to meet their own ESG (Environmental, Social, and Governance) goals.
The Road Ahead for Shorenstein and 1407 Broadway
The future of 1407 Broadway, while structurally sound and tenant-rich, is inextricably linked to the broader New York commercial real estate recovery and Shorenstein Properties’ ability to navigate the current high-interest rate and post-pandemic landscape. The $400 million loss in appraised value is a sober reminder of market volatility, yet the continuous influx of new leases, particularly in the tech and international business sectors, demonstrates the building's fundamental, long-term value as a premier office address. As the market stabilizes, the building’s strategic location and premium features are expected to sustain its position as a Manhattan powerhouse.
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