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NEW YORK CITY-Massey Knakal Realty Services brokered the sale of 625 Broadway or 192 Mercer St. as it is also called. The Argo Corp. paid Beck Street Capital just under $61 million for the 80,084-sf office property.

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

“At this price per square foot, this sale specifically demonstrates buyers’ confidence in this Broadway corridor, which achieves 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 to expire soon, a Massey Knakal spokeswoman tells GlobeSt.com. The building comes with significant upside for rents, with the average rent now on the upper floors set at $25 per sf, below the market average. On the first floor, restaurant Gonzalez y Gonzalez takes up all 6,400 sf available retail space, and will remain open for business, she says.

Massey Knakal officials say the new owner plans to maintain the property as predominately office space, but might consider a residential conversion based on the market.

Nelson, in conjunction with chairman Robert Knakal, exclusively marketed the property and represented both buyer and seller.

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