Timberland affiliate takes space at 550 Broadway, build-out underway

Timberland or an affiliated brand, leased ground floor retail space as well as cellar space at the five-story commercial building at 550 Broadway in Soho, according to Department of Buildings records and sources. The building is owned by an affiliate of Milton Steinberg, and Lu Steinberg signed on behalf of ownership.

Timberland is owned by VF Corporation, which owns brands such as Vans, The North Face, Dickies, Timberland and others.

Several jobs have been filed at for the Timberland space. A portion of the work is described as: Erect illuminated accessory business sign for Timberland, no change in use, egress or occupancy. Another job is for general construction on the ground floor and cellar.

The 550 Broadway parcel has frontage of 35 feet and is 99 feet deep with a total lot size of 3,500 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 $9.7 million.

The retail building in SoHo has 16,125 square feet of built space and 1,365 square feet of additional air rights for a total buildable of 17,500 square feet according to PincusCo analysis of city data.

The 16,125-square-foot property generated revenue of $2.1 million or $130 per square foot, according to the most recent income and expense figures.

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 300,631 square feet of the 546,137 square feet. The largest owner is BVK, followed by AB & Sons Group and then Kano Real Estate Investors. There are no active new building construction projects on this tax block.

Over the past five years, there have been seven NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were seven renovation/alteration projects (A2) applied for with a total estimated value of $1.2 million.

Within a 400-foot radius of 550 Broadway, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. One of those three items was a sale which Northwood Investors bought the 48,235-square-foot, 14-unit office building (O6) on 520 Broadway for $87.8 million from Propp family on June 16, 2021. Of those three items, two were loans above $5 million totaling $333.6 million. The most recent of the two was Northwood Investors which borrowed $227.1 million from Ares Management secured by the 48,235-square-foot, 14-unit office building (O6) on 520 Broadway and one other property on June 16, 2021.

Direct link to the property’s ACRIS page and link to DOB NOW portal.