Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), has arranged $35 million in financing for the acquisition of a 99-year leasehold interest at 580 Broadway, a 141,645-square foot mixed-use building in the prime SoHo neighborhood of Manhattan. The financing was secured by Matthew Polci, senior vice president, and Steven Buchwald, senior managing director, of Institutional Property Advisors (IPA). They are based out of MMCC’s Manhattan office.
Steven Buchwald of Institutional Property Advisors (IPA), the institutional financing arm of Marcus & Millichap, assisted in the financing, working with Justin Natalizio, first vice president in The Anton Group, which structured the sale of the deal via a long-term ground lease.b
BridgeInvest, a private real estate lender based in Miami, operated as senior debt lender for the deal.
“This was a unique opportunity for our client to acquire a sizable property that rarely trades in the SoHo submarket,” said Polci. “The asset, which includes high-end office and retail, was a complex investment opportunity that offers significant value-add upside in a resurgent downtown Manhattan commercial market.”
The 12-story property was built in 1898 and includes 8,442 square feet of grade retail space, 7,292 square feet of low-grade retail space and 125,911-square feet of office space. The property is located between Houston and Prince Street and offers a full-block presence on a highly trafficked pedestrian corridor spanning Broadway to Crosby Street, as well as nearby access to numerous subway stations.