Empire State Realty Trust Acquires 555-557 Broadway Office And Retail In SoHo For $386M
555 Broadway & 557 Broadway
$386,000,000
$487/SF
Building Size
792,000 SF
Asset Type
Office
Closing
Dec 2, 2025
AI
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.
Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93