Adams & Co. Acquires Flatiron Office Building for $43.5M, Formerly Home to Jay-Z’s 40/40 Club 

Adams & Company recently acquired a 12-story office building in the Flatiron District, formerly home to Jay-Z’s 40/40 Club, for $43.5 million as per property records.

This building, known as 1115 Broadway or 16 Madison Square West, was purchased with a $48 million loan from Apple Bank. Interestingly, this sale occurred three years after Rockrose Development bought it for $26.1 million, based on property records.

While the buyer has had a stake in the property for some time, it's unclear what role they played before taking full ownership on Wednesday. Neither Adams, Rockrose, nor Apple Bank have commented on the transaction, and the deal's broker remains unknown.

Built in 1914, this building is located at the southeast corner of Broadway and West 25th Street, just west of Madison Square Park. It boasts 252,000 square feet of office and retail space.

Earlier this month, the 40/40 Club closed its doors after 20 years in this building, where it once leased up to 12,000 square feet. Jay-Z has plans to reopen the club at a new location, although that location has not yet been announced.