Newmark facilitates $127 million financing of 575 Broadway

Manhattan, NY Newmark has arranged a $127.4 million loan for the refinancing of 575 Broadway, a mixed-use office and retail building. The Newmark team was led by vice-chairmen and co-heads of the Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub, 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 Class-A office and retail building. In 1991, the property was redesigned by architect Arata Isozaki to become the Guggenheim Museum SoHo, which occupied the space for over a decade. It is surrounded by hundreds of restaurants, retailers and fitness centers. 575 Broadway is located adjacent to the Prince Street subway station and nearby the Spring Street and Broadway-Lafayette stations.

The 176,000 s/f property boasts over 100 s/f of retail frontage in SoHo, providing an unmatched combination of visibility, accessibility and quality. The property is home to tenants such as Estee Lauder, H&M and the NYC flagship location of Prada, who has occupied space at the property since 2001. The Prada space, designed by architect Rem Koolhas, features unique design elements, including a glass shaft elevator and a wooden floor that undulates. Lure Fishbar is also located at the property.

The property is owned by Peter Brant, an American entrepreneur, manufacturing executive, publisher, philanthropist, and art collector. Since acquiring 575 Broadway in the late 1980s, Brant has completely transformed the asset.