Northwood Investors Acquires Mixed-Use Property In SoHo For $325M

The mixed-use property located at 524 & 520 Broadway in SoHo has been sold in a closed transaction. The sale took place on May 24, 2021, and the property was acquired by Northwood Investors from Tahl Propp Equities. The sale price for the property was $325,000,000, with a total area of 240,000 square feet. The price per square foot was calculated to be $1,354. The property consists of 180,000 square feet of office space and 60,000 square feet of retail space. It is situated in the bustling market of SoHo, known for its vibrant mix of commercial and residential properties.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $325,000,000
• Address: 524 & 520 Broadway, SoHo
• Market: SoHo

The deal was facilitated by brokers from CushWake, including Doug Harmon, Adam Spies, Kevin Donner, Marcella Fasulo, Josh King, and Adam Doneger. Their expertise in the real estate market played a crucial role in the successful completion of this transaction. The property has a strong tenant base, with notable occupants such as WeWork, Lululemon, Aritzia, Balthazar NY, and Balthazar Bakery. WeWork, a renowned commercial real estate company specializing in shared workspaces, is one of the prominent office tenants in the building. The retail spaces are occupied by Balthazar restaurant and Aritzia, a women's fashion boutique. The property is currently more than 90% occupied, positioning it as a lucrative investment opportunity for the buyer, Northwood Investors.