523 Broadway, New York, NY

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523 Broadway

Between Broome & Spring Streets
New York, NY 10012-4431 - Soho Submarket

Property Type:Multi-Family Number of Units:5 Status:Existing Year Built:1900

Stories:5 Building Size:8,876 SF Land Area:.06 AC (2,409 SF)

For Sale Price:$5,400,000 Price/Unit:$1,080,000.00 Cap Rate:7.84 % GRM:-

Parking:-

Sale Notes:
A 25% limited partner interest in a five story loft building that has 24' 3" of frontage on one of the strongest retail blocks in SoHo. There is also a fully built basement and sub-basement, adding an additional 4,412 SF. Currently the partner selling receives 25% of the income from the retail and the income from the 4th floor. The property benefits from soaring ceiling heights which include 12' 6" on the 2nd floor, 12' 1" on the 3rd, 10' 3" on the 4th, and 10' 6" on the 5th. The top two floors also benefit from recent renovations. Foot Locker occupies the ground floor, basement, and sub-basement and has a lease extending just over five years. The retail is at a fraction of market, as AT&T recently signed a lease for 1,900 NSF at 530-32 Broadway for about $515/NSF. Rents in the areas have now been quoted at upwards of $600/NSF. There are also additional air rights available which could be utilized if approval is given by Landmarks.