Sales Beat

Broad Street Development Nabs Two Mulberry Street Properties for $178.5M

The properties on Mulberry Street acquired by Broad Street Development.

Broad Street Development, in conjunction with investment partner Crow Holdings, acquired two multi-family buildings on Mulberry Street in Soho for $178.5 million, according to a press release issued by Broad Street Development.

The properties, 298 Mulberry Street and 304 Mulberry Street, between East Houston Street and Bleecker Street, collectively include 182 apartments and 11,825 square feet of ground-floor retail space with frontage on Houston and Mulberry Streets. GID Investment Advisors, a Boston-based firm, sold the properties. It was not immediately clear how much GID Investment Advisors paid for the property when it was purchased in 2005.  Read More

Sales Beat

Broad Street Development in Contract to Buy Savanna’s 80 Broad Street

80 broad street

Broad Street Development is in contract to buy 80 Broad Street from Savanna for $175 million, The New York Post reported.

Real estate private equity firm Savanna acquired 80 Broad Street after taking control of the property’s senior mortgage at a 12 percent discount on its $75 million value, according to the Post. The building had previously been owned by Swig Equities, which paid $70 million for the property in 2004. Read More

Building Sale

RXR Closes $330M 61 Bway Buy

61 Broadway.

Last Friday, RXR Realty closed on its $330 million purchase of 61 Broadway at Exchange Place, Commercial Observer has learned.

The deal marks RXR’s entree into the lower Manhattan market. RXR wanted the 33-story building because “the building itself has a tremendous amount of character,” it’s a great block with “lots of air and light” and one of RXR’s tenants took a lease there, said Scott Rechler, chairman and chief executive officer at RXR. Read More

Lease Beat

Zazoom Signs 55 Broadway Sublease

55 Broadway

Zazoom, an internet-based media company, has signed a 5,521-square-foot sublease from Galen Technology Solutions at 55 Broadway, Commercial Observer has learned. The tenant will relocate from 277 Broadway on a 28-month deal.  

Former WNBC reporters Tim Minton and Jay DeDapper launched Zazoom in 2011 after receiving $125,000 in partial close funding, according to CrunchBase. The company specializes in producing short, topical videos distributed through various partners such as YouTube, AOL and Dailymotion. Read More

least beat

Nonprofit Group CSH Inks 15,293-Square-Foot Deal at Sizzling 61 Broadway


The nonprofit Corporation for Supportive Housing signed a 10-year, 15,293-square-foot lease at 61 Broadway in a relocation and consolidation from 50 Broadway, The Commercial Observer has learned.

David Carlos of Studley represented the tenant in the transaction. The landlord, Broad Street Development, was represented in-house by David Israni and Ramona Huegel. Asking rents are in the high $30s-per-square-foot. Read More

Lease Beat

Covala Inks at 55 Broadway

Courtesy of Charles Holden

55 Broadway welcomes Covala as one of its latest tenants.

The administrator of supplemental disability benefits will be taking 5,081 square feet in Broad Street Development‘s downtown building. The office is located on seventh floor of the 32 story building. Read More

Lease Beat

Integral Consulting Moves Down Broadway

Courtesy of NYC Office Spaces

Integral Consulting has inked a deal for a new office space at 61 Broadway.

The environmental health and engineering firm will take 5,117 square feet at Broad Street Development‘s 61 Broadway. The firm will be moving their New York offices to the 16th floor of the building in favor of their old office at 267 Broadway. Read More

Lease Beat

ELANY Renews Lease at 55 Broadway

55 Broadway

The Excess Line Association of New York has renewed its lease at 55 Broadway, it was announced yesterday.

The lease is for the entire 9,500-square-foot 29th floor and is a five-year deal for a total of 6½ years, according to David Israni, senior managing director at Broad Street Development, the landlord.

Asking rents for the building are in the high 30s, Mr. Israni noted. With 18 months left to go on the existing lease, the new deal was in the 40s and was amortized into the deal with ELANY’s remaining obligations, he said. The deal closed in January, according to a statement. Read More

Lease Beat

Law Firm Follows Flock to Broad Street Development’s 61 Broadway


Law firm Rosner Nocera & Ragone, LLP’s signing of a 8,135-square-foot lease at 61 Broadway is the latest in a wave of leases at Broad Street Development’s properties.

Founded by Raymond Chalmé and Daniel Blanco, Broad Street Development has wrapped up 54,000 square feet of new leases and renewals at 55 and 61 Broadway, located in the heart of the Financial District, and which the firm bought in 2004 and 2006, according to the New York Post.

Three of the resent signings at 61 Broadway, including MT2 Network, Rosner Nocera & Ragone and Vincenti & Vincenti, left Sandy-damaged buildings for the property and Mr. Chalmé said asking rents are in the $30s at the building, according to the Post.

“You read a lot about the bigger deals, but the smaller-tenant market’s alive and well,” he said. Read More

Lease Beat

Trinity Place Department Store Opens Flagship Store

Courtesy of Racked

Trinity Place Department Store has opened up shop at 61 Broadway.

The newly established department store has opened a 26,141-square-foot operation, spanning three stories at the base of 61 Broadway in the Financial District.

The location will be its flagship store; the company plans to open in London, Paris and Milan in the coming year. Read More