- For Lease Contact for pricing
- Property Type Office
- Additional Rent Contact for pricing
- Date Updated Dec 18, 2024
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.
Reach out to the broker for more info on lease terms and amenities
Highlights
- The investment is projected to realize a gross 30.04% levered IRR and 3.56x equity multiple over a six-year hold period.
- Buildings at scale in this highly sought-after submarket rarely trade, and the transaction is a unique opportunity to acquire a sizable SoHo asset. The asset provides the opportunity to own high quality office and retail within the prestigious SoHo submarket.
- The implied basis of the ground lease is at a significant discount to prior sales. When adding back the capitalized value of the ground rent, the purchase price (including leasing costs) is approximately $688 per gross square foot, which is a significant discount to comps.
- 598 Broadway contains a diverse mix of tenants, the majority of which are wellness related (e.g., acupuncture, dermatology). The current average rent across the office portion of the Property is $45 / SF which is at a significant discount to average office rents in SoHo ($75-80/ SF). The investment presents a mark-to-market opportunity requiring limited capital costs.
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Contacts
Location
Getting Around
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Walk Score ®
100/100
Walker's Paradise
-
Transit Score ®
100/100
Rider's Paradise
-
Bike Score ®
95/100
Biker's Paradise
- City New York, NY
- Neighborhood SoHo
- Zip Code 10012
- Market Manhattan
Points of Interest
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Broadway & Houston Street at Southeast Corner
0.05 miles
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Broadway & Houston Street at Northeast Corner
0.07 miles
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Houston Street & Crosby Street at Northeast Corner
0.10 miles
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Houston Street & Lafayette Street at Southeast Corner
0.10 miles
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Houston Street & Lafayette Street at Northeast Corner
0.13 miles
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Bleecker Street & Lafayette Street at Southwest Corner
0.15 miles
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Bleecker Street & Mulberry Street at Southwest Corner
0.15 miles
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Bleecker Street & Lafayette Street at Northwest Corner
0.16 miles
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Spring Street
0.17 miles
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Bleecker Street & Mulberry Street at Southeast Corner
0.17 miles
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ChargePoint
0.44 miles
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Tesla Supercharger
0.60 miles
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Blink
0.60 miles
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Mobil
1.04 miles
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BP
1.39 miles
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Emporium
2.37 miles
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Gulf
2.42 miles
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Citgo
2.54 miles
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Edison ParkFast
0.29 miles
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Christie Garage
0.51 miles
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iPark
0.54 miles
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Edison Park Fast
0.57 miles
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Village View Parking Area 1
0.58 miles
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Delancey & Essex Municipal Garage
0.60 miles
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Village View Parking Area 2
0.63 miles
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Village View Parking Area 3
0.66 miles
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Park Fast
0.72 miles
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Pier 40
0.87 miles
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Mercer Hotel
0.08 miles
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Crosby Street Hotel
0.12 miles
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49 Crosby
0.18 miles
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The Bowery House
0.26 miles
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Sunshine Hotel
0.27 miles
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Nolitan Hotel
0.30 miles
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PUBLIC, an Ian Schrager hotel
0.30 miles
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Sixty SoHo
0.31 miles
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The Bowery Hotel
0.32 miles
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citizenM
0.35 miles
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Broadway Deli
0.01 miles
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Halaal cart
0.05 miles
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Juice Generation
0.05 miles
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Lure Fishbar
0.06 miles
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Dig
0.07 miles
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Soho Park
0.08 miles
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Sartiano’s
0.08 miles
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Fanelli Cafe
0.08 miles
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La Pecora Bianca
0.10 miles
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Chipotle
0.10 miles
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Old Saint Patrick's Convent and Girls School
0.15 miles
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Courant Institute of Mathematical Sciences
0.28 miles
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NYU Courant Institute of Mathematical Sciences
0.29 miles
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NYU Stern School of Business
0.30 miles
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Brookdale Center Hebrew Union College
0.31 miles
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Cooke Center Academy
0.34 miles
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Lower West Side Children's Center
0.35 miles
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New York University
0.35 miles
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NYU Philosophy Department
0.36 miles
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Little Red School House & Elisabeth Irwin High School
0.40 miles
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Downing Street Playgroup
0.48 miles
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Swan
0.51 miles
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CPC Chung Pak Day Care Center
0.53 miles
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Esciela Hispana Montessori
0.69 miles
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Elements Preschool
0.70 miles
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First Steps Academy
0.73 miles
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New Amsterdam School
0.77 miles
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Bright Horizons
0.80 miles
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All My Children Daycare & Nursery
0.84 miles
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Metrokids Preschool
0.84 miles
Frequently Asked Questions
The price for office space for lease at 598 Broadway is available upon request. The cost of leasing office space can depend on the position of the space within the building, the location of the property, the quality rating, amenities on-site or nearby, as well as if the office space you are looking at comes with attributes that are unique to it.
598 Broadway is located in the SoHo neighborhood of Manhattan. Reach out to the leasing representative for more detailed information on the most modern facilities and amenities at the property.
Area amenities within half a mile of this location include 1 child care option(s), 10 educational institution(s), 10 restaurant or other dining establishment(s), 10 hotel, motel, or other accommodation.
See listing location information regarding the nearest points of interest in the area. Contact the property representative for details on what the best vehicle access and parking options are near 598 Broadway. For your consideration, 598 Broadway is located within 0.5 miles of 1 parking option(s) and 1 fuel station(s).
If you want to find out more about the lease terms and office space availability at 598 Broadway, fill out the contact form to schedule a tour or reach out to the property representatives using the contact details provided here to ask for any additional information that you might be interested in.
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Marcus & Millichap
