Core Plus Retail / Office / Resi asset in SoHo. Opportunity to mark-to-market office rents, convert resi to commercial, and benefit from long-term lease with credit tenant.
Holliday Fenoglio Fowler, L.P. (“HFF”) has been exclusively retained to arrange the sale of 450 Broadway (the “Property”), a 16,575 SF, mixed-use office and retail property located in SoHo. Built in 1890 and renovated in 2013, the Property is a classic cast-iron building featuring a long-term retail tenant, three full-floor office spaces, one floor of residential, and a basement. Valley National Bank, which holds an investment grade credit rating, occupies the entire ground floor and has 10 years remaining on their initial term. The office portion boasts 13’ ceiling heights, and provides short-term and long-term upside through the lease-up of the 5th floor, increasing below-market rents, and converting the 3rd floor from residential to office. Located on Broadway between Grand and Howard, the Property sits within one of the most dynamic live/work/play corridors in New York City, as well as within close proximity to the N, Q, R and W trains. 450 Broadway presents the opportunity to acquire a stable cash-flowing asset with immediate upside within New York City’s most highly sought-after neighborhood.