Peter Brant signs $127.4M loan with Citibank for retail in SoHo

Peter Brant of 575 Broadway Associates L.P. as borrower signed a loan with lender Citibank through the entity Citi Real Estae Funding Inc. valued at $127.4 million for the retail building (O5) at 575 Broadway in SoHo, Manhattan.
The deal closed on November 29, 2022 and was recorded on December 5, 2022. The property has 140,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $910 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.)

Prior sales and revenue

The 140,000-square-foot property generated revenue of $14.1 million or $101 per square foot, according to the most recent income and expense figures.

The property

The 575 Broadway parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,000 square feet. The zoning is M1-5B which allows for up to 5 times floor area ratio (FAR) for manufacturing The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $57.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation and $6,680 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In SoHo, the bulk, or 46 percent of the 9.4 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 15 percent of the space. In sales, SoHo has 1.7 times the average sales volume among other neighborhoods with $592.6 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 258,984 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 29 commercial properties representing 55,803 square feet of the 485,711 square feet. The largest owner is Rafael Ortiz, followed by Aryeh Realty and then Premier Equities.
there are no active new building construction projects on this tax block.

The majority, or 40 percent of the 346,224 square feet of built space are retail buildings, with office buildings next occupying 25 percent of the space.

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