Northwood Investors, a real estate investment firm agreed to pay $325 million for a pair of SoHo buildings in the heart of the neighborhood.
The 2 buildings at 520 and 524 Broadway have a combined 180,000 SF of office space and 60,000 SF of retail space.
90 percent of the properties are occupied with holders include Keith McNally’s Balthazar restaurant, the clothing store Aritzia and WeWork.
The pair of buildings have been occupied by the Propp family since 1987, according to records.
Marketers of the buildings, Cushman & Wakefield’s Doug Harmon stated that the portfolio drew buyers’ attention because of their location on the 50-yard line in SoHo.
The deal is a bright sign for the city’s commercial real estate market, especially regarding that SoHo was striving even before the pandemic.
Harmon stated that the pair of buildings could have sold for more than $400 million about five years ago when the retail market was still growing