Bastien Broda Sells 542 Broadway Retail to Benenson Capital Partners for $23M
The landmarked, six-story, prewar retail condo is occupied by New Balance for the next 10 years
By Brian Pascus October 29, 2025 4:33 pm
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Commercial Observer can first report that Bastien Broda’s 109Co real estate investment firm is selling the retail condominium at the landmarked 542 Broadway in the heart of SoHo to Benenson Capital Partners for $23 million.
Newmark’s Avery Silverstein, Brett Siegel and Ben Lushing arranged the investment sale.
542 Broadway is a six-story, prewar retail building that opened in 1900 between Spring and Prince streets.
The building’s 7,225 square-foot retail portion is currently 100 percent occupied by New Balance, as the global shoe and athletic wear company recently signed a 10-year lease to occupy all of the ground-floor and cellar space, a deal that includes 2.75 percent annual rent increases throughout the duration of the lease, according to an offering memorandum.
The building also benefits from its protected tax class 2C designation, which limits any potential property tax increases in the future to 8 percent per year.
Brian Pascus can be reached at bpascus@commercialobserver.com.
