JLL Capital Markets experts have completed a $19 million loan to finance the acquisition of 489 Broadway, a luxury mixed-use property.
The group worked on behalf of Sherr Equities to place the acquisition loan with Morgan Stanley.
Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins led the JLL Capital Markets team handling the debt assignment. They worked closely with Harold Sherr, CEO, at Sherr Equities.
“Sherr Equities is acquiring one of the most visible commercial properties in New York City,” said Appel. “489 Broadway’s unique corner location affords unrivaled exposure along Broadway, SoHo’s main north-south retail artery, as well as Broome Street, home to some of area’s most exclusive boutiques and cafes.”
The five-story 489 Broadway was constructed in 1900, and the 10,710 s/f, mixed-use building is comprised of eight residential units totaling 8,710 s/f and three retail units totaling 2,000 s/f on the ground floor.
The retail units are positioned along two of the highest traffic streets in Manhattan. The retail spaces include more than 100 feet of frontage, including 90 feet on Broome Street and 20 feet on Broadway. The property was recently renovated to improve the roof, façade and residential apartments.
According to JLL, Harold Sherr executed a carefully laid out and extensive vision for 489 Broadway, which encouraged Morgan Stanley to finance the full purchase price of the building.
“The owner’s effort led to a complete transformation of the property, with three high-end retail tenants planting flagships at the location and the redevelopment of the residential into luxury rentals,” said JLL in a press release.
“The acquisition fit directly into Sherr Equities core focus, actively acquiring mixed-use assets with the intent to restore and redevelop, and a focus on corner buildings.”