Newmark Facilitates $127 Million Financing of Iconic SoHo Mixed-Use Property, Prada's NYC Flagship
NEW YORK, Nov. 29, 2022
NEW YORK, Nov. 29, 2022 /PRNewswire/ -- Newmark has arranged a $127.4 million loan for the refinancing of 575 Broadway, an iconic mixed-use office and retail building in Manhattan's SoHo neighborhood. The Newmark team was led by Vice-Chairmen and Co-Heads of the Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub, Senior Managing Directors Chris Kramer and Nick Scribani. Citigroup and Société Générale originated the loan.
Built in 1882 by John Jacob Astor, 575 Broadway is a premier, Class-A office and retail building located in the heart of SoHo. In 1991, the property was redesigned by architect Arata Isozaki to become the Guggenheim Museum SoHo, which occupied the space for over a decade. Located on the corner of Broadway and Prince Street, the property sits on one of the best-located and accessible corners in SoHo. It is surrounded by hundreds of world-class restaurants, high-quality retailers and luxury fitness centers. 575 Broadway is conveniently located adjacent to the Prince Street subway station and a short walk from the Spring Street and Broadway-Lafayette stations.
575 Broadway has long been a desired destination for both retail and office tenants alike. The 176,000-square-foot property boasts over 100 square feet of retail frontage in the heart of SoHo, providing an unmatched combination of visibility, accessibility and quality. The Property is home to marquee tenants such as Estee Lauder, H&M and the NYC flagship location of Prada, who has occupied space at the Property since 2001. The Prada space, designed by renowned architect Rem Koolhas, features unique design elements, including a glass shaft elevator and a wooden floor that undulates, making the experiential location a retail epicenter along the Broadway corridor. Lure Fishbar, one of the most trafficked restaurants in New York City, is also located at the Property.
The property is owned by Peter Brant, a prominent American entrepreneur, manufacturing executive, publisher, philanthropist, and art collector whose mix of personal interests and commercial ventures have resulted in numerous achievements in business, philanthropy, the arts, and real estate. Since acquiring 575 Broadway in the late 1980s, Mr. Brant has completely transformed the asset from a museum into one of Soho's premier office, retail and F&B destinations.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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