Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold 457 Broome Street, a mixed-use elevator building in the SoHo neighborhood of New York, NY for $21.3 million. Senior Executive Managing Director, David Schechtman, and Managing Directors, Lipa Lieberman and Abie Kassin, represented the seller and procured the buyer in this transaction. Meridian Vice President, Zev Feder, arranged a $14.5 million balance sheet loan for the acquisition.
457 Broome Street is a six-story, mixed-use, cast iron elevator building in the heart of SoHo that boasts approximately 50 feet of frontage along one of New York’s most desirable retail corridors. The historic property spans approximately 25,000 square feet with retail space on the ground floor in addition to 3,000 square feet of lower level retail space. The ground floor of the property is home to two retail tenants, Lazaro SoHo and Blank Studio NYC. The residential units in the building feature exceptional ceiling heights, contain in-unit washers and dryers, and benefit from an abundance of natural light. The surrounding blocks contain a variety of trendy eateries and global fashion boutiques, providing residents of the property with unmatched neighborhood amenities and proximity to an array of transportation options, including the N, Q, R, W, A, C, E, B, D, F, M, J, Z, 1, and 6 subway lines.
“Wonderful SoHo retail space with a legal selling basement coupled with 50 feet of frontage in a cast-iron glory makes this a generational hold for any buyer,” said Mr. Schechtman.
With picturesque cobblestone streets, chic restaurants, high-end designer boutiques, and historic cast-iron buildings, SoHo remains a destination for New York residents and visitors alike with Stuart Weitzman, Patagonia, Jill Stuart, Zimmerman, UGG, Galli, Antique Garage, Le Pain Quotidien, and Dr Smood all within a one block radius from 457 Broome Street. More broadly, the neighborhood features numerous iconic and global retailers including Chanel, Gucci, Celine, Chloe, Moschino, John Varvatos, The Frye Company, Zara, All Saints, Bloomingdales, H&M, Lululemon, J Crew, Ray-Ban, Nike, Adidas and Muji among others.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com