Vendome Property Management plans to demo 20-unit Hudson Square walkup, no NB plans filed

Antonio Vendome of Vendome Property Management through the entity 558 Broome Street, LLC submitted an application for the demolition of a 20-unit residential (J-2) building at 558 Broome Street in Hudson Square, Manhattan, at the corner of Varick Street. The plan was filed with the New York City Department of Buildings on January 31, 2023 under job number 123917280. It calls for the demolition of a six-story building. The project is described in the filing as: full demolition to a six story building. There are no new buildings plans filed for the parcel, according to a PincusCo review of Department of Buildings records.

The property

The walkup building with 20 residential units in Hudson Square has 14,737 square feet of built space and 16,473 square feet of additional air rights for a total buildable of 31,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 65 feet deep with a total lot size of 3,120 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $4.3 million.

Prior sales and revenue

This property was sold for $15.8 million on January 31, 2017.

The 14,737-square-foot property generated revenue of $775,670 or $53 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $350 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Hudson Square, The majority, or 76 percent of the 10.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 9 percent of the space. In sales, Hudson Square has near average sales volume among other neighborhoods with $861 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Hudson Square has near average amount of major developments among other neighborhoods and is the 18th highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 284 of the 432 commercial properties representing 318,424 square feet of the 654,477 square feet. The largest owner is CIM Group, followed by Miller Brothers Holdings and then Icon Realty Management. There are no active new building construction projects on this tax block.

The owner

The owners according to the Department of Housing Preservation and Development includes Antonio Vendome, head officer and Kol Mriza, site manager. The business entity is 558 Broome Street, Llc.

The surrounding

Within a 400-foot radius of 558 Broome Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months. Of those 11 items, six were sales above $5 million totaling $427.3 million. The most recent of the six was 565 Broome Street S16a LLC which bought one condo unit in the 3,397-square-foot, 230-unit mixed-use building (RM) on 565 Broome Street for $13.9 million from Broome Property Owner Jv LLC on September 2, 2022. Of those 11 items, five were loans above $5 million totaling $1.7 billion. The most recent of the five was Sabet Group in which borrowed $6.2 million from Signature Bank secured by the 10,550-square-foot, 11-unit rental (C4) on 117 Varick Street on July 25, 2022.

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