Newmark has arranged a $127.4 million loan for the refinancing of 575 Broadway, a mixed-use office and retail building in Manhattan’s SoHo neighborhood that is home to Prada’s downtown flagship. The Newmark team was led by Vice Chairmen and Co-Heads of the Debt and Structured Finance team Dustin Stolly and Jordan Roeschlaub and Senior Managing Directors Chris Kramer and Nick Scribani. Citigroup and Société Générale originated the loan.
Built in 1882 by John Jacob Astor, 575 Broadway is a premier, Class-A office and retail building located in the heart of SoHo. In 1991, the property was redesigned by architect Arata Isozaki to become the Guggenheim Museum SoHo, which occupied the space for over a decade. Located on the corner of Broadway and Prince Street, the property sits on one of the best-located and accessible corners in SoHo.
575 Broadway has long been a desired destination for both retail and office tenants alike. The 176,000-square-foot property boasts over 100 square feet of retail frontage in the heart of SoHo, providing an unmatched combination of visibility, accessibility and quality. In addition to Prada, the property is home to Estee Lauder and H&M. Restaurant Lure Fishbar is also located at the property.
The property is owned by Peter Brant, a prominent American entrepreneur, manufacturing executive, publisher, philanthropist and art collector whose mix of personal interests and commercial ventures have resulted in numerous achievements in business, philanthropy, the arts, and real estate.
