Investment Overview

Marcus & Millichap has been engaged by ownership to structure a new 99-year ground lease with a qualified lessee. Marcus & Millichap has been exclusively engaged by the owners of the property to facilitate a 99-year leasehold acquisition of 598 Broadway +/- 88,000 gross rentable square foot building containing 66,000 sf. of office space, 5,500 sf. on grade retail and 5,500 sf. of below grade retail / storage space, and 11,000 sf. of Rent Stabilized residential. Floors 2 – 12 each contain 7,000 rentable sf. The property is located in the heart of Soho between East Houston Street to the north, Prince Street to the south and Broadway on the west and Crosby Street on the east. The property has entrances on both Broadway and on Crosby Street. During the recent pandemic, many of the retail establishments closed, however, there has been a rebirth of retail along Broadway. SoHo remains a destination area for both local residents as well as the large influx of tourists from throughout the world, especially from Asia. The area is serviced by the following trains and buses: subway: 6X, B, F, M and R; buses: M2, M5,5 X27. New York University has recently completed the Paulson Center at 181 Mercer Street which will house more classrooms than any other NYU building, plus instructional performance spaces for NYU’s drama and music programs, a sports center and for faculty.