September 10, 2008
Sherwood Equities, Inc. and equity partner JPMorgan Chase jointly acquire 370 Lexington Avenue from Broad Street Development for $155 million.
On September 2, it was announced that Willkie client Sherwood Equities, Inc. and equity partner JPMorgan Chase jointly acquired 370 Lexington Avenue from Broad Street Development for $155 million. The 27-story, 305,000 square-foot, Art Deco tower is located on 41st Street, one block south of Grand Central Station. Sherwood Equities is a privately held real estate development company that maximizes the investment potential of undeveloped or underutilized real estate. In addition to its current development of several major properties, Sherwood owns 1 Times Square, 2 Times Square, 1600 Broadway, The Coronado (Broadway and 70th Street), The Saratoga (1st Avenue and 75th Street), among other properties. The deal was handled by partner Eugene Pinover and associates Cindy Yellen, Mal Serure and Jeremy Hendon.