Northwood Investors has secured $230 million to refinance two nearby buildings in SoHo, Manhattan.
One is for 520 Broadway and the other is for 524 Broadway, according to a report from the Commercial Observer. Both offer mixed-use settings, offering retail and office.
In 524 Broadway, WeWork operates five floors. In total, the 11-story building features almost 141,000 square feet of space.
Nearby 520 Broadway recently inked leases with crypto firms MoonPay and Artemis, which signed for over 5,000 and 5,539 square feet in their respective deals, according to CO. Some other tenants in the building include Lululemon, LaPlaca Cohen and Balthazar, which operate retail space at the ground level, as well as those who use the property for office space like NoHo Hospitality Group.
Barings provided the loan to Northwood, while Newmark served as the broker.
“We are excited to partner with Northwood Investors and to support this historic property, which we believe will continue to benefit from strong demand drivers in one of Manhattan’s most high-trafficked and iconic retail corridors,” Jonathan Neff, managing director at Barings, said in a statement.
For office, Manhattan is showing no signs of slowing down. Leasing advanced by more than 20 percent in August compared with the previous month to reach 3.70 million square feet, a recent analysis from Colliers found. The momentum is expected to result in an annual volume of more than 40 million square feet, marking the first time since 2019 that this number has been exceeded. Additionally, availability is at its lowest level since January 2021.
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