Nelson and Burton of Cushman & Wakefield broker $17.34 million sale; 11,000 s/f commercial building also being leased by Podell

Manhattan, NY On behalf of 460 Broome Street Investors, LLC, Cushman & Wakefield’s James Nelson and Robert Burton have sold an 11,000 s/f  boutique commercial loft building at 460 Broome St. in the SoHo Historic District. The all-cash transaction was valued at $17.34 million or $1,576 per s/f. The property was simultaneously being marketed for lease by Cushman & Wakefield’s Joanne Podell.

“We implemented a dual for sale and for lease campaign for our client to put all options on the table. We received strong interest for both,” said Nelson.

Constructed in 1920, the elevator-serviced building is comprised of 2,500 s/f of retail, including a full basement, with 8,500 s/f of commercial space above. The property sits within a 25’ by 100’ lot, possesses an M1-5A zoning designation and offers 1,500 buildable s/f of remaining air rights.

460 Broome is conveniently situated between Greene and Mercer Sts. and is accessible via the 6 train line at the Spring St. station and the R and W train lines at Prince St. station.

“There was a great deal of interest in this gem in the heart of SoHo. We worked closely with ownership to accomplish this sale to meet their very specific time constraints,” said Burton.