Macquarie Group investor pays $130M for office building in SoHo

An anonymous Macquarie Group investor through the entity 375 West Broadway Owner LLC paid $130 million to an anonymous investor at JP Morgan Global Alternatives through the entity Alexander 375 West Broadway, L.L.C. for the office building at 375 West Broadway in SoHo, Manhattan.
To finance the purchase, the Macquarie Group entity through the entity 375 West Broadway Owner LLC as borrower signed a acquisition loan with lender Deutsche Pfandbriefbank valued at $65.9 million.
The deal closed on January 13, 2022 and was recorded on February 7, 2022.
The property has 61,040 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,129 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on June 12, 2014, for $118.9 million.
The signatory for JP Morgan Global Alternatives was Joseph B. Dobronyi. The signatory for Macquarie Group was Linda Ciaramella.
Prior to this transaction, the buyer Macquarie Group had not purchased any other properties and had not sold any properties over the past 24 months.

(121988858)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on February 16, 2016.
The owners could not be identified, according to The Real Deal but the seller and buyer were advised by JP Morgan Global Alternatives and Macquarie Asset Management, respectfully.
In SoHo, the bulk, or 33 percent of the 13 million square feet of built space are office buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, SoHo has 2.3 times the average sales volume among other neighborhoods with $637.7 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 137,726 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 46 percent of the 379,590 square feet of built space are residential elevator buildings, with office buildings next occupying 31 percent of the space.
Within a 400-foot radius of 375 West Broadway, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were sales above $5 million totaling $35.9 million. The most recent of the three was 54 Thompson St., Ph LLC which bought two condo units in the 241-square-foot, 11-unit mixed-use building (RM) on 52 Thompson Street and one other property for $12.3 million from Toratoga LLC on September 17, 2021.
Of those six items, three were loans above $5 million totaling $56.2 million. The most recent of the three was Premier Equities which borrowed $43 million from Acadia Realty Trust secured by one condo unit in the 14,444-square-foot, 24-unit mixed-use building (RM) on 57 Greene Street on September 29, 2021.

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