Dealmaker: Newmark Arranges $127M in New York
Newmark, New York, arranged $127.4 million to refinance 575 Broadway, a mixed-use office/retail building in Manhattan.
Newmark Vice-Chairmen and Co-Heads of the Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub led the refinancing team, which also included Senior Managing Directors Chris Kramer and Nick Scribani. Citigroup, New York, and Société Générale, Paris, originated the loan.
Built in 1882 by John Jacob Astor, 575 Broadway is a Class A office and retail building in the SoHo neighborhood. In 1991, architect Arata Isozaki redesigned the property to become the Guggenheim Museum SoHo, which occupied the space for more than a decade. Located on the corner of Broadway and Prince Street, the property is surrounded by high-end restaurants, high-quality retailers and luxury fitness centers. 575 Broadway sits adjacent to the Prince Street subway station and a short walk from the Spring Street and Broadway-Lafayette stations.
The 176,000-square-foot property has more than 100 feet of retail frontage and houses tenants including Estee Lauder, H&M and Prada’s New York flagship location. Prada has occupied space at the property since 2001.
Entrepreneur Peter Brant acquired 575 Broadway in the late 1980s and has transformed the asset from a museum into one of Soho’s premier office, retail and F&B destinations.