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503-511 Broadway. Picture courtesy of CommercialEdge
HSR Corp. has obtained $58 million for the refinancing of a 140,000-square-foot Class A workplace property in New York Metropolis’s Manhattan. Morgan Stanley supplied the five-year, fixed-rate mortgage on a full-term interest-only foundation. Black Bear Capital Companions, a subsidiary of Black Bear Asset Administration, organized the financing.
HSR has owned the property, that got here on-line over a century in the past, since 1982. The constructing is totally leased to tenants that embrace AWAY Journey, which dedicated to 56,000 sq. toes of house in 2018, PacSun and Bathtub & Physique Works. Nearly all of the contracts prolong by 2027, whereas the property has a weighted common lease time period of 4.5 years.
READ ALSO: Leasing Exercise Animates Gradual Manhattan Workplace Market
Located in SoHo at 503-511 Broadway, between Spring and Broome streets, the constructing includes 111,164 sq. toes of workplace house and 10,000 sq. toes of ground-floor retail, with the rest of the house devoted to storage. The property options 125 toes of road frontage alongside each Broadway and Mercer Road and versatile 25,000-square-foot floorplates.
The constructing additionally features a retail condominium element that’s not a part of the collateral. Vogue firm and Zara dad or mum Inditex acquired it in 2015, in a $280 million deal.
Black Bear COO & Managing Companion Bryan Manz, Senior Managing Companion Emil DePasquale and Affiliate George Pektor labored on the deal. Manz mentioned, in ready remarks, the deal stands out amid a risky market the place acquiring financing has been tough.
Manhattan’s workplace market continues to wrestle with redefining itself within the submit COVID-19 period. The borough’s emptiness price clocked in at 17.0 % in Could, based on a latest CommercialEdge report, up 20 foundation factors over the month.
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