Schechtman of Meridian Investment Sales retained to sell 512 Broome Street

New York, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has been exclusively retained to sell the 2,100 s/f freestanding retail property located at 512 Broome St. in the exclusive SoHo neighborhood. 512 Broome St. is being offered at $5.25 million reflecting the substantial capital improvements made to the property, annual rent escalations and strong demand for retail assets in the SoHo marketplace. Meridian senior executive managing director, David Schechtman, is bringing the property to market on behalf of Hidrock Properties. Hidrock Properties acquired 512 Broome in 2013 and looks to make a significant return after overseeing a gut renovation of the asset, making major improvements to accommodate a restaurant tenant. Capital expenditures include replacing the façade, new bathrooms, new heating and cooling systems and building out the basement to house a commercial grade kitchen and refrigerated storage. 512 Broome St. is located in the heart of SoHo just steps away from West Broadway, the famed retail thoroughfare, between Thompson St. and West Broadway. The property is composed of 1,100 s/f of on-grade space that includes 20 feet of frontage on Broome St. as well as 1,000 square feet of below grade space. The loft-like interior space is punctuated by six large skylights and features a counter-service café. Pi Bakerie, the sole triple net leased tenant through August 2023, is a premium baked goods and casual dining establishment that bakes all of its food on premises. Pi Bakerie uses select ingredients, authentic Mediterranean recipes and contemporary baking techniques to create unique flavor profiles for its menu. It is owned by the same group that owns and operates the famed Artopolis bakery located in Astoria. SoHo consistently achieves significant rent premiums due to its prominence as a global retail destination that is home to numerous flagship stores for luxury brands from around the world. The area’s tenants also include many of New York City’s trendiest galleries, cafes and restaurants.