78 Crosby Street, New York, NY, 10012, US

78 Crosby Street

Asset description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange for sale the 100% fee simple interest in 78 Crosby Street a.k.a. 540 Broadway (“the Property”), an incredible 5-story, mixed-use commercial building located in the heart of prime SoHo. The ~5,000 SF block-through lot is located between Spring and Prince Streets, featuring 25’ of frontage along both Crosby Street and Broadway.

78 Crosby Street features four (4) 6,350 RSF, fully built and furnished, full floor office suites that are move-in ready. Each floor will be delivered completely vacant, allowing an investor or user to immediately lease and/or occupy the space. Situated at the base of the building is an 8,000 SF retail component that that is spread across the ground floor, mezzanine, and lower level. Schutz, a luxury women’s shoe brand, recently signed a new 10-year lease that runs until November of 2033.

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Attributes

Building area gross

2,330 sm

Floors

5 floors

Year built

1910

Land area gross

466 sm

Media

Investment highlights

BLOCK-THROUGH LOT

The mid-block lot measures 25’ x 200’ and maintains dual frontage along Crosby Street and Broadway. This allows for multiple entrances for both the retail and office tenants, providing flexibility and privacy.

RARE LIGHT & AIR

The offices located on floors 2 through 4 contain windows on

the north and south walls, providing extremely rare light & air

for a mid-block building. Furthermore, the 5th floor contains

three (3) skylights which bring extra light to the space.

VACANT DELIVERY

Each office floor will be delivered vacant and in move-in condition, allowing for either an investor to begin leasing the space or a user to immediately occupy the space.

IN-PLACE RETAIL TENANT

The newly signed 10-year retail lease provides a stable stream of income for prospective investors while they look to lease the vacant office space.

PRIME SOHO LOCATION

The Property is ideally situated in the heart of SoHo, positioning it to capitalize on the neighborhood’s various demand drivers.

EXCELLENT ACCESSIBILITY

78 Crosby is located just steps away from numerous subway

stations, which service the 6, N, Q, R, W, J, Z, A, C, and E trains.

Accessibility to these lines allows for connection to all parts

of Manhattan and the outer boroughs.