598 Broadway Listing Details & Market Data

598 Broadway, New York, NY 10012

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.

Contacts

broker

Justin M. Natalizio

Marcus & Millichap

(212) 430-5208

Location

Getting Around

  • Walk Score ®

    Walker's Paradise (100)

  • Transit Score ®

    Rider's Paradise (100)

  • Bike Score ®

    Biker's Paradise (95)
Powered by Walk Score ®
  • City New York, NY
  • Neighborhood SoHo
  • Zip Code 10012
  • Market Manhattan

Points of Interest

  • Prince Street

    0.04 miles

  • Broadway & Houston Street at Southeast Corner

    0.05 miles

  • Broadway–Lafayette Street

    0.07 miles

  • Broadway & Houston Street at Northeast Corner

    0.07 miles

  • Houston Street & Crosby Street at Northeast Corner

    0.10 miles

  • Houston Street & Lafayette Street at Southeast Corner

    0.10 miles

  • Houston Street & Lafayette Street at Northeast Corner

    0.13 miles

  • Bleecker Street & Lafayette Street at Southwest Corner

    0.15 miles

  • Bleecker Street & Mulberry Street at Southwest Corner

    0.15 miles

  • Bleecker Street

    0.16 miles

  • ChargePoint

    0.44 miles

  • Tesla Supercharger

    0.52 miles

  • Blink

    0.60 miles

  • ChargePoint

    0.60 miles

  • ChargePoint

    0.85 miles

  • Blink

    0.96 miles

  • ChargePoint

    1.02 miles

  • Mobil

    1.04 miles

  • ChargePoint

    1.12 miles

  • Blink

    1.19 miles

  • Edison ParkFast

    0.29 miles

  • Christie Garage

    0.51 miles

  • iPark

    0.54 miles

  • Delancey & Essex Municipal Garage

    0.60 miles

  • Village View Parking Area 3

    0.66 miles

  • Park Fast

    0.72 miles

  • Pier 40

    0.87 miles

  • Vincent 15 Parking LLC

    0.95 miles

  • Speedy Park

    0.96 miles

  • SP+

    1.02 miles

  • Halaal cart

    0.05 miles

  • Juice Generation

    0.06 miles

  • Lure Fishbar

    0.06 miles

  • Dig

    0.07 miles

  • Soho Park

    0.08 miles

  • The Mercer Kitchen

    0.08 miles

  • Fanelli Cafe

    0.08 miles

  • La Pecora Bianca

    0.10 miles

  • Chipotle

    0.10 miles

  • Sant Ambroeus

    0.10 miles

  • Old Saint Patrick's Convent and Girls School

    0.15 miles

  • New York University

    0.27 miles

  • Courant Institute of Mathematical Sciences

    0.28 miles

  • NYU Courant Institute of Mathematical Sciences

    0.29 miles

  • NYU Stern School of Business

    0.30 miles

  • Brookdale Center Hebrew Union College

    0.31 miles

  • Cooke Center Academy

    0.34 miles

  • Lower West Side Children's Center

    0.35 miles

  • NYU Philosophy Department

    0.36 miles

  • PS 79 ( Historical)

    0.38 miles

  • Downing Street Playgroup

    0.48 miles

  • Swan

    0.51 miles

  • CPC Chung Pak Day Care Center

    0.53 miles

  • First Steps Academy

    0.73 miles

  • Bright Horizons

    0.80 miles

  • All My Children Daycare & Nursery

    0.84 miles

  • Metrokids Preschool

    0.84 miles

  • 14th Street Y - Childcare

    0.87 miles

  • Bright Horizons Early Education & Preschool

    1.01 miles

  • Samuel J. Heyman Early Childhood Center

    1.08 miles

Contact Listing Broker

broker

Justin M. Natalizio

Marcus & Millichap

(212) 430-5208

  1. 1Main information
  2. 2Extra information