IPA Capital Markets, a division of Marcus & Millichap, announced the refinancing of 580 Broadway, a 12-story Class A office and retail property located in Soho, Manhattan. The refinancing package totaled $50 million. The building was constructed in 1900 and is located between Houston and Prince Streets. Maxi Capital Group, Sabal Investment Holdings, and GDSNY provided the $50 million office loan for the project.
580 Broadway, via Google Maps
580 Broadway recently underwent renovations and is currently more than 50 percent leased. The structure occupies the full width of the block from Broadway to Crosby Street.
580 Broadway, via Google Maps
“The New York City office market is not homogenous,” said Steven Buchwald of IPA Capital Markets. “580 Broadway proves that high-quality buildouts and well laid-out spaces in vibrant locations like Soho can command rapid leasing velocity and premium rents.”
The closest subways from the property are the R and W trains at the Prince Street station and the B, D, F, M, and 6 trains at the Broadway-Lafayette/Bleecker Street station.
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Beautiful old building – could use a facade cleaning, though!