NEW YORK CITY—Bringing in one of the highest per-square-foot prices along a particular strip of Broadway, 893 Broadway—also known as 13 E. 19th St., has been sold for $35 million or $2,000 per square foot.
As part of the transaction, the buyer, Cholla LLC, also acquired the leasehold interest held by Hotel Verite, which occupies 13,500 square feet at the 17,500-square-foot, mixed-use building. The hotel will close later this month.
Eastern Consolidated's Adelaide Polsinelli, principal and senior managing director, represented the buyer, as well as seller Warman Enterprises, in the deal. Tony Park of PD Properties represented Charles Jung, the seller of the leasehold interest in Hotel Verite, for the transaction.
The four-story, L-shaped building is located on the south side of Broadway between East 19th street and East 20th street. Situated at the confluence of NoMad, the Flatiron District, and the Union Square/Broadway corridor, includes a boutique, four-story hotel and a 4,000-square-foot gastropub currently leased to Barn Joo, a Korean-inspired eatery.
“This was the first time that the exceptionally well-located loft building has traded in 37 years and its popular and thriving restaurant and hotel with frontage on both Broadway and East 19th Street, played a major role in achieving this robust price,” says Polsinelli. “The complex transaction signals the strong and growing demand for retail and hospitality in this area where the boundaries between NoMad, the Flatiron District, and Union Square are blending.”
Polsinelli adds that the property's close proximity to Union Square and Fifth avenue, where rents are rising to above $500 per square foot, allows it to benefit from a diverse variety of restaurants, high street retail as well as high foot traffic from tourists, students, and millennials.
Originally built by Edward A. Morrison & Sons in 1844, the property at 893 Broadway once served as part of Lord & Taylor's store at 897 Broadway and was later occupied by Jennifer Convertibles.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
