JLL Capital Markets announced that it has arranged the $49.5 million sale and $30.5 million in acquisition financing for 640 Broadway, a boutique, mixed-use multifamily property located in the NoHo neighborhood of New York City.
JLL represented the seller, U.S.-based real estate investment trust Acadia Realty Group, and procured the buyer, New York investment firm Pamera North America, in partnership with local operator Targo Capital. JLL arranged the financing with Citi Private Bank.
Cord Ernst, Managing Partner at Pamera North America, said, “Pamera believes that this investment matches exactly the deal profile of our investors: unique asset characteristics and trophy real estate in an irreplaceable location.”
Situated on the corner of Broadway and Bleecker Street, 640 Broadway is a renovated, nine-story, 53,439-square-foot property with loft-style residential units and 4,200 square feet of well-curated ground floor retail space, which is 100% leased to tenants including UPS, Two Hands Café and Van Leeuwen Ice Cream. The retail space benefits from high volume foot traffic thanks to its 221 feet of prime frontage along Broadway, Bleecker and Crosby streets.
Its ultra-convenient location offers easy access across New York City via multiple MTA subway lines, and it is an easy stroll to SoHo, Greenwich Village, the East Village and Union Square.
A JLL team, including Steven Rutman, Jeffrey Julien, Rob Hinckley, and Ethan Stanton, arranged the sale. The debt team was led by Michael Gigliotti, Stephen VanLeer, and John Flynn.
Said Rutman, “With its compelling blend of historic charm and modern energy, Noho is especially appealing to renters seeking a stylish, central and energized home base. 640 Broadway presents the buyer with a tremendous opportunity to capitalize on continued demand for well-appointed homes in exciting pockets of the city, and we are thrilled to have worked with all parties on this win-win transaction.”
Added VanLeer, “Lenders saw a trifecta of benefits to this offering–strong demand, limited supply and reliable income from a high-foot-traffic retail base. Closing a deal where every party walks away happy is the mark of a well-structured transaction and lasting relationships.”
JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
