Empire State Realty Trust Acquires 555-557 Broadway Office And Retail In SoHo For $386M

The property at 555-557 Broadway in SoHo, Manhattan, is an office and retail asset comprising a total square footage of 396,000. The transaction is valued at $386,000,000, with a price per square foot of $975. The property features a mix of 368,000 square feet designated for office use and 28,000 square feet for retail, currently 70% leased.

Summary of transaction details:

• Property Type: Office & Retail
• Transaction Amount: $386,000,000
• Address: 555-557 Broadway
• Market: SoHo, Manhattan
• Square Footage: 396,000
• Price per Square Foot: $975
• Buyer: Anthony E. Malkin - Empire State Realty Trust
• Seller: Scholastic Corporation
• Brokers: Adam Spies, Joshua King & Avery Silverstein - Newmark

This deal involves key individuals including Anthony E. Malkin representing Empire State Realty Trust, who is acquiring the property from Scholastic Corporation. The brokers facilitating this transaction are Adam Spies, Joshua King, and Avery Silverstein, all associated with Newmark. The deal is an all-cash transaction and is expected to close in December 2025.