An entire block front luxury elevator loft building at 640 Broadway (aka 172 Crosby Street), located between Broadway and Crosby Street in the heart of NoHo, was sold in an all cash transaction valued at $32,500,000. Built in 1897, 640 Broadway was known as the original
Empire State Building.
The nine-story, elevator building is approximately 63,094 gross square feet (of which 16,582 is below grade). Architecturally, the overall building envelope has been restored including a new copper cornice. Each floor contains 12’ barrel vault ceilings and oversized windows providing a tremendous amount of light and air into each unit.
The current configuration of the apartments provides for easy subdivision of spaces for future condominium conversion. The building currently contains 12 commercial units and 21 residential units. Of the 12 commercial units, 7 are currently leased and 5 are available for rent. Of the 21 residential apartments, 12 are fair market and 9 are rent stabilized.
“The demand for properties with such a prominent retail component continues to be outstanding. However, this property also created significant interest given the nature of the residential component which consisted of many vacancies providing the purchaser with several options moving forward,” said Massey Knakal Chairman Robert A. Knakal who exclusively handled this transaction with Massey Knakal Partner James P. Nelson. “It’s rare that a block front property comes on line. Given its scale and prime location, we received interest from around the world, but ultimately a strong, local buyer prevailed,” added Nelson.
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Neighborhoods: NoHo/ Agents: James Nelson, Robert Knakal