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Vornado sells Soho retail condo at a discount

Avison Young’s New York office announced today that its Tri-State Investment Sales Group has arranged the sale of 501 Broadway for $27.5 million.

501 Broadway is a block-through 9,035 s/f retail condominium currently leased by Capital One.

Principal & Head of Tri-State Investment Sales James Nelson, New York-based Director Brent Glodowski and Associate Director Eric Karmitz represented the seller, Vornado, which bought the condo for $31 million in 2012. The team also procured the buyer, 501 Broadway CP LLC.

“501 Broadway presented an attractive investment opportunity to acquire an occupied retail condominium in one of the city’s top retail corridors where new ownership will enjoy the lease with Capital One, which escalates annually,” said Nelson. “Our team created a competitive process that resulted in securing a qualified buyer who recognized the advantages of the property’s location and tenancy.”

Built in 2007, 501 Broadway is situated at the base of a six-story office development, comprising 3,659 sf of ground floor retail, 4,964 s/f of selling office space in the lower level and 682 sf of subterranean storage.

The property is located in the historic SoHo Cast Iron District on the west side of Broadway between Broome and Spring Streets in one of the city’s most sought-after retail destinations. 

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