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

524 & 520 Broadway
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This Mixed-use property located in NY was sold for $325,000,000 almost 4 years ago. The brokers of the deal were Marcella Fasulo, Kevin Donner, Joshua (Josh) King, Douglas (Doug) Harmon, Adam Spies, and Adam Doneger

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.

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Deals
  • Location
    524 Broadway, New York, NY 10012, USA524 Broadway, New York, NY 10012, USA
  • Sale Price
    $325,000,000$325,000,000
    $1,354 PPSF$1,354 PPSF
  • Area
    240,000 SF240,000 SF
  • Asset Type
    Mixed-useMixed-use
  • Parties
    6 Brokers, 1 Agency6 Brokers, 1 Agency

Agents

Marcella Fasulo

Marcella Fasulo

Deals45
Financed$10.9B

Kevin Donner

Kevin Donner

Deals36
Financed$7.8B

Joshua (Josh) King

Joshua (Josh) King

Deals56
Financed$10.2B

Douglas (Doug) Harmon

Douglas (Doug) Harmon

Deals80
Financed$22.4B

Adam Spies

Adam Spies

Deals146
Financed$30.2B

Adam Doneger

Adam Doneger

Deals93
Financed$20.9B

Agency

Newmark

Newmark

Agency
Deals3894
Volume$397.4B

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Deal Summary

SALE IMAGE: Adam Spies, Josh King, Adam Doneger, John Kukral, Doug Harmon, Marcella Fasulo & Kevin Donner DATE: 05/24/2021 ADDRESS: 524 & 520 Broadway MARKET: SoHo ASSET TYPE: Mixed-use SELLER: Tahl Propp Equities BUYER: Northwood Investors BROKERS: Doug Harmon, Adam Spies, Kevin Donner, Marcella Fasulo, Josh King & Adam Doneger @CushWake TENANTS: @WeWork, @lululemon, @Aritzia, @BalthazarNY @BalthazarBakery SALE PRICE: $325,000,000 SF: 240,000 ~ PPSF: $1,354 NOTE FROM @CushWake: The SoHo buildings, which include 180,000 square feet of office space and 60,000 square feet of retail space, are more than 90%-occupied by tenants such as the Balthazar restaurant and the Aritzia women’s fashion boutique. Office tenants include WeWork, a commercial real-estate company that provides shared workspaces.

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524 & 520 Broadway

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