598 Broadway New York, NY 10012

This exceptional 12-story, 88,000-square-foot Class B office building at 598 Broadway, New York, NY 10012, is offered for sale at $20,000,000. Built in 1898, this property sits on a 5,700-square-foot lot and boasts a 100% occupancy rate, generating a pro-forma NOI of $2,623,800 and a pro-forma cap rate of 13.12%. The building comprises approximately 66,000 square feet of office space, 5,500 square feet of ground-level retail, and 5,500 square feet of below-grade retail/storage space, along with 11,000 square feet of rent-stabilized residential units. Each floor (2-12) offers approximately 7,000 rentable square feet. The property features convenient access from both Broadway and Crosby Street, situated in the heart of SoHo between East Houston and Prince Streets. The area is well-served by public transportation, including subway lines 6, B, F, M, and R, and bus routes M2, M5, and X27. The building's tenant mix includes a significant number of wellness-related businesses. The current average office rent is $45 per square foot, presenting a substantial mark-to-market opportunity given average SoHo office rents of $75-$80 per square foot. This presents a unique value-add investment opportunity in a highly sought-after location. The property's location benefits from proximity to NYU's new Paulson Center.