NEW YORK, NY – Marcus & Millichap's institutional financing division Institutional Property Advisors has arranged $35 million in financing for the acquisition of a 99-year leasehold interest at a 141,645-square-foot, mixed-use building in Manhattan's SoHo neighborhood.
Located at 580 Broadway, the 12-story property features 8,442 square feet of grade retail space, 7,292 square feet of low-grade retail space and 125,911 square feet of office space. Built in 1898, the building encompasses a full block between Houston St. and Prince St. and spans to Crosby St.
The Anton Group structured the sale of the deal via a long-term ground lease.
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Miami, FL-based, private real estate lender BridgeInvest operated as the senior debt lender for the transaction.
IPA's SVP Matthew Polci secured the financing. IPA's Steven Buchwald also assisted in arranging the financing, while working the Anton Group's first VP Justin Natalizio.
"This was a unique opportunity for our client to acquire a sizable property that rarely trades in the SoHo submarket," says Polci. "The asset, which includes high-end office and retail, was a complex investment opportunity that offers significant value-add upside in a resurgent downtown Manhattan commercial market."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
