Unit 598 Broadway
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Available on
December 15, 2023
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Time on Market
4 months
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Last updated
Dec 14, 2023
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Space ID
2152383
Property Details
The investment is projected to realize a gross 30.04% levered IRR and 3.56x equity multiple over a six-year hold period. . Buildings at scale in this highly sought-after submarket rarely trade, and the transaction is a unique opportunity to acquire a sizable SoHo asset. The asset provides the opportunity to own high quality office and retail within the prestigious SoHo submarket.. The implied basis of the ground lease is at a significant discount to prior sales. When adding back the capitalized value of the ground rent, the purchase price (including leasing costs) is approximately $688 per gross square foot, which is a significant discount to comps.. 598 Broadway contains a diverse mix of tenants, the majority of which are wellness related (e.g., acupuncture, dermatology). The current average rent across the office portion of the Property is $45 / SF which is at a significant discount to average office rents in SoHo ($75-80/ SF). The investment presents a mark-to-market opportunity requiring limited capital costs.
- Property TypeOffice
- Submarket
- Total Building Size88RSF
- Last updatedDec 15, 2023
- Property ID2230737