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NEW YORK CITY-32-42 Broadway LLC has secured approximately $75 million in refinancing for its companion buildings in the Financial District. Combined, the buildings contain 514,609 sf of rentable space.
Originally purchased in 1995, the buildings have been operated as a single entity ever since. At approximately 0.71 acres, the site is situated along the east side of Broadway between Exchange Place and Beaver Street. It is currently 94.1% leased to approximately 85 tenants.
Locally based Meridian Capital Group recently arranged financing which equates to $146 per sf. Rael Gervis negotiated the transaction.
32 Broadway is an 18-story plus basement office building originally constructed in 1900 and renovated in 1966. It contains 129,596 sf and is presently 96.7% leased and occupied. The property has street level retail space fronting Broadway and the basement is used for mechanical purposes and as a kitchen for a grade-level restaurant.
42 Broadway is a 21-story plus basement office originally constructed in 1904 and renovated in 1970. It is 385,013 sf and is currently 93.3% leased. Located to the immediate north of 32 Broadway, the property has an average floor plate of 18,000 sf. The building's retail space, which includes a JPMorgan Chase bank branch, primarily fronts Broadway, however, retail space is also located in the building's basement and rear off New Street.
Tenants at the sites include the New York City Departments of Consumer Affairs and Board of Elections, ADP and Sterling National Banks. Rents are in the mid $20s per sf. Founded in 1991, Meridian reported more than 2,900 transactions totaling $11.9 billion in 2004.
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