Holliday Fenoglio Fowler is marketing a classic Tribeca loft building with the potential to harness some of the neighborhood’s popularity.
315 Broadway could be repositioned into luxury condominiums or repositioned as a boutique office building, according to Eric Anton who is leading an HFF sales team that includes Rob Rizzim Steve Rutman and David Fowler.
The five-story 18,089 sf mixed-use property at 315 Broadway was built in 1861, as a store and loft building.
It has exposed brick walls, 13.5 ft. ceilings, 14,186 sf of office space and 3,903 s/f of ground floor retail that is occupied by a liquor store and a pizza restaurant. The property also has approximately 23,401 sf of unused air rights.
It is expected to fetch north of $20 million and a buyer would have to make a large investment to reposition the building.
According to Anton, however, “315 Broadway is a fantastic value-add opportunity. Given the property’s location in Tribeca, which is one of Manhattan’s most expensive and high-status neighborhoods, the building could easily be repositioned into luxury condominiums, tapping the demand for high-end housing.
“Or the opportunity exists to reposition and re-tenant the building as a boutique office building with high-end ground floor retail,” said Anton.
“As an office building, it would need a lobby, hallway and elevator. As a residential building, you have to deliver all the systems and completely change the building. You’re going to be putting a lot of money into it to create value.”