JLL Capital Markets has arranged $33 million in financing for 640 Broadway, a renovated luxury, nine-story, pre-war loft building stretching a full city block on Bleecker Street, between Broadway and Crosby Steet, in Manhattan’s Noho neighborhood.
Apartments feature 12-foot barrel-vaulted ceilings, arched floor-to-ceiling windows, open loft floor plans, washer and dryers, central air, high-end appliances, built-in wardrobes, and soaking tubs. Community amenities include a rooftop terrace and a private fitness center with Technogym equipment designed by Antonio Citterio.
The property is situated in the heart of NoHo, one of the country’s most valuable and top-performing submarkets. It is surrounded by an abundance of Michelin-starred restaurants, bars, and high-end retail shops lining cobblestone streets, and complemented by access to multiple transportation options.
Designed by famed Macy’s Herald Square architects DeLemos & Cordes in 1896, 640 Broadway features 21 luxury rental apartments, as well as 4,241 square feet of ground floor retail space. The retail space is fully occupied by premier tenants, including apparel brand Kith Kids; technology-enhanced salon service, Glosslab; and growing Australian-themed eatery, Two Hands.
“New York’s multi-housing and retail markets continue to demonstrate remarkable strength,” said Van Leer. “Acadia’s astute value-add strategy coupled with the property’s prime location made it an appealing investment for lenders seeking to diversify their portfolio during uncertain times.”
JLL worked on behalf of the borrower, Acadia Realty Trust, to secure the loan from Bridge Investment Group. A JLL debt team led by Senior Director Stephen Van Leer represented the borrower in the transaction.