Located in the City's NoHo area, 625 Broadway is a 12-story building that spans the block between Broadway and Mercer Street. The all cash-transaction valued the property at $760.45 per sf. It traded at a 5.9% cap rate.
"At this price per square foot, this sale specifically demonstrates buyers' confidence in this Broadway corridor, which achieves retail rents upwards of $300 per sf and office rents of $50 per sf," says Massey Knakal partner James Nelson.
The building is fully occupied, but several leases are due to expire soon, a Massey Knakal spokeswoman tells GlobeSt.com. The building comes with significant upside for rents, with the average rent now on the upper floors set at $25 per sf, below the market average. On the first floor, restaurant Gonzalez y Gonzalez takes up all 6,400 sf available retail space, and will remain open for business, she says.
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