Located in the City's NoHo area, 625 Broadway is a 12-storybuilding that spans the block between Broadway and Mercer Street.The all cash-transaction valued the property at $760.45 per sf. Ittraded at a 5.9% cap rate.

"At this price per square foot, this sale specificallydemonstrates buyers' confidence in this Broadway corridor, whichachieves retail rents upwards of $300 per sf and office rents of$50 per sf," says Massey Knakal partner James Nelson.

The building is fully occupied, but several leases are due toexpire soon, a Massey Knakal spokeswoman tells GlobeSt.com. Thebuilding comes with significant upside for rents, with the averagerent now on the upper floors set at $25 per sf, below the marketaverage. On the first floor, restaurant Gonzalez y Gonzalez takesup all 6,400 sf available retail space, and will remain open forbusiness, she says.