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Posted by Robert
Rap News Network
9/23/2003 6:21:36 AM

Tags and topics realted to this article include P. Diddy.

Sean "P.Diddy" Combs, hip-hop mogul, fashion entrepreneur, restaurateur and J. Lo ex, is close to leasing about 52,000 square-feet of space near Times Square to consolidate nearly all of his businesses under one roof.

 

"I've always wanted to have all of my companies under one roof and this space allows me to achieve this goal," Combs said in a statement. "The move will foster an overall synergy between my companies, ensuring their success."

Combs' Sean John Co. clothing line, Bad Boy Records and its related film and television companies, and his charity arm Daddy's House Social Programs will be housed there. Janice Combs Music Publishing, Janice Combs Management and the corporate offices of his restaurant Justin's also will be located on the five floors.

The building, at 1710 Broadway at the corner of 54 Street sits across from the Ed Sullivan Theater. Designed in 1917, when the area was referred to as Automobile Row, the six-story building has landmark status and was once the New York home of Ford Motor Co.

Newmark Real Estate brokers Lance Corman and Brian Waterman declined to comment on the specifics of the deal.

However, sources close to the transaction said the asking price was about $40 a square foot. The final lease has not been signed because the sale of the building to C&K Properties for $23 million has not yet been completed. C&K also purchased air rights that could allow the company to add another 10 stories, which would not affect Sean John's deal.

C&K's joint venture with Moinian Group, called Galaxy LI Associates, recently purchased EAB Plaza, the largest office complex on Long Island for about $200 million.

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