NEW YORK, June 11, 2013 /PRNewswire/ -- New York's iconic center of songwriting and entertainment is under new ownership, as of today. The Brill Building, a landmark historic building located at 1619 Broadway at the corner of West 49 th Street, has been purchased by real estate investor Eric Hadar of Allied Partners, along with the private equity firm Brickman, in a deal valued at close to $250 million. "We have a vision to capitalize on the legendary reputation of the property by transforming it into a modern day creative center for fashion, arts, media and entertainment in New York," said Hadar. "We are in active negotiations with a number of parties and expect to announce several exciting new retail and office tenants soon. We anticipate a grand reopening of the space in late 2014." A nerve center for popular music for more than 60 years, Hadar said the first four floors of the 175,000 square foot building would be dedicated to retail and that both the retail and commercial space within the Brill Building's 11 floors would be immediately undergoing extensive renovation. Renovations will retain the 82-year-old landmark building's heritage and aesthetic, while modernizing the infrastructure to reflect the 21 st century needs of the tenants it's attracting. "We're thrilled that Eric Hadar and his team are giving the Brill Building the attention it deserves," said Tim Tompkins, president of the Times Square Alliance. "Their commitment to preserving one of NYC's landmark buildings while supporting the ongoing development of the Times Square business community is very exciting for the city." The building will also be home to the Songwriters Hall of Fame, an organization that honors those whose work represents the most beloved songs from the world's popular music songbook.