NEW YORK CITY—Newmark Holdings has closed $100 million in refinancing for 560 Broadway, a six-floor, 122,454-square-foot office building located in Soho neighborhood near Prince Street. TD Bank and BNY Mellon provided the financing in this transaction.
The secured funding will be used for a major capital improvement plan that will reposition and upgrade the property. The property, which Newmark Holdings purchased in 1986, is currently 100% leased with a roster of tenants that includes Converse, Dean & Deluca, and Lerer Hippeau Ventures.
"We were able to secure a fixed rate below 3.5% for 10 years in a volatile lending environment with credit spreads increasing," says Paul Talbot, senior managing director, who represented Newmark Holdings on the loan.
"The refinancing of 560 Broadway is the first step in repositioning the building," adds Brian Steinwurtzel, principal for Newmark Holdings. "SoHo remains one of the premier luxury districts in Manhattan and the area immediately surrounding 560 Broadway continues to be one of the most sought-after locales in this neighborhood."
Built by Willam B. Astor II in 1884 as a store, the property's detailed façade spans ten bays on Broadway, fourteen Bays on Prince Street and ten bays on Crosby Street.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.