ASB Real Estate Investments announced the acquisition of its sixth Manhattan commercial property, a six-story mixed-use historic loft building featuring prime retail space on West Broadway between Spring and Prince Streets in SoHo.
The 38,885 s/f property, located at 415 West Broadway, was purchased for $41 million on behalf of ASB’s Allegiance Fund, a $2.7 billion open-end real estate vehicle, in a joint venture with Centurion Realty, LLC. The seller was Willet Companies.
Earlier this month ASB and Centurion acquired the ground floor retail condominium portion of the nearby Jean Nouvel designed residential building at 465 Broadway.
The 415 West Broadway property is situated in one of Manhattan’s most trafficked retailing districts with 50 feet of street frontage and ground-floor/basement retail space, which is 100% leased to m0851, a high-end fashion retailer, and the Jamali NYC art gallery.
Floors two through five are also fully leased to four office tenants, and floor six comprises two residential apartments, also both rented. With a brick-and-limestone façade and ceilings ranging from 11 to 15 feet in height, 415 West Broadway offers tenants floor-to-ceiling windows and large floor plates, hardwood flooring, and distinct open duct work.
Robert Bellinger, ASB’s president and CEO, said: “This will be our fourth investment in SoHo and our sixth investment in New York in the past two years. We are looking forward to further expanding our presence in New York City, particularly in the dynamic, growing submarkets of Midtown South.”
The acquisition of 415 West Broadway fits with ASB’s portfolio strategy “to increase holdings in ‘High-Street’ retail investments in upscale urban infill neighborhoods across the United States,” Bellinger said.
Besides the 465 Broadway acquisition, the company recently made similar purchases for the Allegiance Fund in Manhattan at 72 Green St. and 875 Washington St. in addition to acquisitions in Beverly Hills, Santa Monica, Washington D.C., Denver, and in the South Beach district of Miami, FL.
A team from Jones Lang LaSalle brokered the sale.