172 Crosby Street

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 640 Broadway, one of the most valuable investment and conversion opportunities available in New York City today. Spanning the entire length of Bleecker Street between Broadway and Crosby Street, the subject property is located in the heart of NoHo, at the convergence of some of New York City’s most exciting and desirable neighborhoods. Originally constructed in 1897 and designed by the celebrated De Lemos and Cordes, 640 Broadway was known as the original Empire State Building. The Classical Revival style elevatored loft building stands nine stories tall with an additional cellar and sub-cellar. In total, the building spans approximately 62,318 square feet, approximately 45,767 of which are above grade. The property is highly visible due to its approximately 250 feet of combined frontage along Broadway, Bleecker Street, and Crosby Street in one of the city’s most heavily trafficked retail destinations. Of the property’s nine retail units, six are currently leased and three are available for rent. The vacant units include two ground floor units of approximately 1,247 and 922 square feet, as well as a cellar unit of approximately 691 square feet*. Select ground floor retail tenants at the building are paying approximately $300 per square foot, demonstrating the strength of the retail market in the immediate area. The opportunity also exists for potential purchasers to transform the attractive barrel-vaulted vacant sub-cellar into a subterranean restaurant, providing tremendous additional value. In addition to the 9 retail units, the subject property has 21 lofts. While 15 of the lofts are fair market, six remain rent stabilized, providing potential purchasers with significant upside in revenue as the rent stabilized units are vacated. The majority of the fair market units have been renovated in recent years and are renting at an average of $79 per square foot, with several units approaching $100 per square foot. Within the past few months, three of the units have been renovated to ultra-luxury units with top-of-the-line amenities, including custom Italian chef’s kitchens, wine climate cabinets, bioethanol fireplaces, Lema Venetian wardrobes and walk-in closets, and access via a private elevator directly into the entry foyer. The first two of these incomparable units were just rented at $128 and $131 per square foot respectively, incredible figures the remaining units will surely match, if not surpass. New ownership will have the ability to quickly capture significant revenue growth by renovating the remaining fair market units to these same standards upon lease expiration and converting the units to condominiums. Additionally, current ownership has already received approval from the Landmark Preservation Commission to transform the two ninth floor units into two penthouse triplexes. Final City Planning approval is pending. 640 Broadway is located in NoHo, one of New York City’s most desirable neighborhoods celebrated for its world-class art galleries, shops, dining, and nightlife options. Given the unprecedented levels of performance in both the retail and residential sectors, 640 Broadway’s premier location bodes extremely well for investors and converters alike. The subject property represents an unrivaled value-add opportunity for an investor to achieve both short-term and long-term revenue growth in one of Manhattan’s strongest submarkets through the acquisition of a high-quality asset with significant in-place income, the opportunity to renovate and turn over units, the repositioning of vacant retail, the creation of a below-grade restaurant, and ultimate condo conversion. The end result will be a project unmatched in the price premiums it obtains.