Transaction amount: $300,000,000
David E. Ash, Principal at Prince Realty Advisors was the sole advisor/broker in the creation, negation, and successful execution of the record sale @ 503 Broadway Retail Condominium. of a newly created retail condominium @ 503 Broadway. Mr. Ash worked closely with HSR Corp. (landlord) in an effort to create this retail condominium consisting of 13,600 square feet on the ground floor ($20,588 price sf), 13,720 square feet in the cellar, and 13,868 square feet on the second floor to be sold to INDITEX Apparel Group (ZARA, USA) for total deal valuation of $300,000,000. Over the course of multiple years, creativity, tenacity, and patience proved to be the guiding principles that allowed both parties to migrate through complicate structures toward a successful outcome. Built in 1878 by architect John B. Snook, the facade of the building features columns made from cast iron, the use of which became widespread during the period in lieu of stone and wood in order to give a lighter appearance. Today, 503-511 Broadway is one of the landmark buildings found in this emblematic New York district and is part of the area known as the SoHo Cast Iron Historic District.
Creative Retail Condo
503-511 Broadway (74-82 Mercer Street) New York, NY 10012