Contacts
Justin M. Natalizio
Marcus & Millichap
Property Details
- Property Type Office
- Additional Rent Contact for pricing
- Date Updated Nov 4, 2024
Marcus & Millichap has been exclusively engaged by the owners of the property to facilitate a 99-year leasehold acquisition of 598 Broadway +/- 88,000 gross rentable square foot building containing 66,000 sf. of office space, 5,500 sf. on grade retail and 5,500 sf. of below grade retail / storage space, and 11,000 sf. of Rent Stabilized residential. Floors 2 – 12 each contain 7,000 rentable sf.
The property is located in the heart of Soho between East Houston Street to the north, Prince Street to the south and Broadway on the west and Crosby Street on the east. The property has entrances on both Broadway and on Crosby Street.
During the recent pandemic, many of the retail establishments closed, however, there has been a rebirth of retail along Broadway. SoHo remains a destination area for both local residents as well as the large influx of tourists from throughout the world, especially from Asia.
The area is serviced by the following trains and buses: subway: 6X, B, F, M and R; buses: M2, M5,5 X27.
New York University has recently completed the Paulson Center at 181 Mercer Street which will house more classrooms than any other NYU building, plus instructional performance spaces for NYU’s drama and music programs, a sports center and for faculty.
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Highlights
- 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.
Getting around
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100/100
Walk Score ®
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100/100
Transit Score ®
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95/100
Bike Score ®
Location
- City New York, NY
- Neighborhood SoHo
- Zip Code 10012
- Market Manhattan
Points of Interest
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Broadway & Houston Street at Southeast Corner
0.05 miles
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Broadway & Houston Street at Northeast Corner
0.07 miles
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Houston Street & Crosby Street at Northeast Corner
0.10 miles
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Houston Street & Lafayette Street at Southeast Corner
0.10 miles
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Houston Street & Lafayette Street at Northeast Corner
0.13 miles
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Bleecker Street & Lafayette Street at Southwest Corner
0.15 miles
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Bleecker Street & Mulberry Street at Southwest Corner
0.15 miles
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Bleecker Street & Lafayette Street at Northwest Corner
0.16 miles
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Spring Street
0.17 miles
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Bleecker Street & Mulberry Street at Southeast Corner
0.17 miles
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ChargePoint
0.44 miles
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Tesla Supercharger
0.60 miles
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Blink
0.60 miles
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Mobil
1.04 miles
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BP
1.39 miles
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Emporium
2.37 miles
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Gulf
2.42 miles
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Citgo
2.54 miles
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Edison ParkFast
0.29 miles
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Christie Garage
0.51 miles
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iPark
0.54 miles
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Edison Park Fast
0.57 miles
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Village View Parking Area 1
0.58 miles
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Delancey & Essex Municipal Garage
0.60 miles
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Village View Parking Area 2
0.63 miles
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Village View Parking Area 3
0.66 miles
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Park Fast
0.72 miles
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Pier 40
0.87 miles
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Mercer Hotel
0.08 miles
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Crosby Street Hotel
0.12 miles
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49 Crosby
0.18 miles
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The Bowery House
0.26 miles
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Sunshine Hotel
0.27 miles
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Nolitan Hotel
0.30 miles
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PUBLIC, an Ian Schrager hotel
0.30 miles
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Sixty SoHo
0.31 miles
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The Bowery Hotel
0.32 miles
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citizenM
0.35 miles
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Target
0.04 miles
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Bulletin Nolita
0.18 miles
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Bloomingdale's
0.20 miles
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Morton Williams
0.22 miles
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Whole Foods Market
0.26 miles
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TJ Maxx
0.26 miles
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Sunrise Mart
0.30 miles
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Kartell
0.32 miles
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Muji
0.34 miles
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Pearl River Mart
0.35 miles
598 Broadway Listing Brief
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Leasing rates here can depend on a variety of factors, including the quality rating of the property (property class or building class), the position of the available space within the building, any unique attributes that the listed space may include, as well as on the availability of on-site or nearby amenities. Reach out using the contact form available on this page to schedule a tour or to get more detailed information on the most modern facilities and amenities that 598 Broadway has to offer.
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See the listing area details for information and ratings regarding the degree of walkability in the neighborhood, the accessibility and frequency of public transit options, as well as the level of availability and quality of biking infrastructure in the area. What’s more, you can use the interactive map for a good overview of the area. Location details also include a breakdown of distance from the property to several essential amenities and points of interest, which may include parking facilities, fuel stations, stores, or hotels.
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This property is in the SoHo neighborhood of New York and located within zip code 10012.
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
Contact Listing Broker
Justin M. Natalizio
Marcus & Millichap
