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580 Broadway

Sold

580 Broadway

SoHo, New York, NY

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Office 99-Year Ground Lease
$55M
Sale Price
141,645 SF
Building Size
$388
Price / SF
Q1 2022
Closing Date

The Story

The Anton Group was exclusively retained by ownership to structure and secure a 99-year ground lease for this mixed-use office and retail building in the heart of SoHo. The assignment required a vigorous marketing process under exceptionally difficult circumstances, navigating a global pandemic, civil unrest, and broader macroeconomic uncertainty that created significant financing obstacles and left the entire retail space vacant. Through cold calls, networking, and canvassing, The Anton Group identified London-based Chelsfield Group as the eventual tenant and negotiated a ground lease fair to both parties. One year later, the building was fully leased, including the retail, and the landlord and tenant maintain an excellent relationship.

Property Highlights

  • Mixed-use office and retail building in the heart of SoHo
  • 99-year ground lease structured and negotiated over a 12-month period
  • Acquisition financing arranged simultaneously: $35M leasehold mortgage and $25M equity raise
  • Vacant retail fully leased within one year of closing

Deal Team

Eric Anton