NEW
YORK, Nov. 29, 2022 /PRNewswire/ -- Newmark has
arranged a $127.4 million loan for
the refinancing of 575 Broadway, an iconic mixed-use office and
retail building in Manhattan's
SoHo neighborhood. The Newmark team was led by Vice-Chairmen and
Co-Heads of the Debt & Structured Finance team Dustin Stolly and Jordan
Roeschlaub, Senior Managing Directors Chris Kramer and Nick
Scribani. Citigroup and Société Générale originated the
loan.
Built in 1882 by John Jacob
Astor, 575 Broadway is a premier, Class-A office and retail
building located in the heart of SoHo. In 1991, the property was
redesigned by architect Arata
Isozaki to become the Guggenheim Museum SoHo, which occupied
the space for over a decade. Located on the corner of Broadway and
Prince Street, the property sits on one of the best-located and
accessible corners in SoHo. It is surrounded by hundreds of
world-class restaurants, high-quality retailers and luxury fitness
centers. 575 Broadway is conveniently located adjacent to the
Prince Street subway station and a short walk from the Spring
Street and Broadway-Lafayette stations.
575 Broadway has long been a desired destination for both retail
and office tenants alike. The 176,000-square-foot property boasts
over 100 square feet of retail frontage in the heart of SoHo,
providing an unmatched combination of visibility, accessibility and
quality. The Property is home to marquee tenants such as
Estee Lauder, H&M and the NYC
flagship location of Prada, who has occupied space at the Property
since 2001. The Prada space, designed by renowned architect Rem
Koolhas, features unique design elements, including a glass shaft
elevator and a wooden floor that undulates, making the experiential
location a retail epicenter along the Broadway corridor. Lure
Fishbar, one of the most trafficked restaurants in New York City, is also located at the
Property.
The property is owned by Peter
Brant, a prominent American entrepreneur, manufacturing
executive, publisher, philanthropist, and art collector whose mix
of personal interests and commercial ventures have resulted in
numerous achievements in business, philanthropy, the arts, and real
estate. Since acquiring 575 Broadway in the late 1980s, Mr. Brant
has completely transformed the asset from a museum into one of
Soho's premier office, retail and F&B destinations.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. Newmark generated revenues of approximately
$3.1 billion for the twelve months
ending September 30, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 180 offices with nearly 6,700 professionals
around the world. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the effects of the COVID-19 pandemic
on the Company's business, results, financial position, liquidity
and outlook, which may constitute forward-looking statements and
are subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/newmark-facilitates-127-million-financing-of-iconic-soho-mixed-use-property-pradas-nyc-flagship-301689536.html
SOURCE Newmark Group, Inc.