2 Years Behind Schedule, the New 529 Broadway Shows Itself

Posted on: May 4th, 2016 at 5:19 am by
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The newest building in the landmarked Cast Iron District is now showing off. Check out the goods on 529 Broadway. After more than three years of astronomical spending, planning, city approvals, and construction, the first glimpse of the forthcoming final product is now visible.

It’s a six-story retail building in the heart of the SoHo open-air shopping mall.

Nike is still the rumored frontrunner as anchor occupant in this high-profile corner space. In fact, that’s been the prevailing narrative since at least 2013, but bupkis in the way of confirmation since.

Lots of backstory with this property, though. Sale of 529 Broadway in 2013 capped seven years of wooing from major developers with skin in the game. Vornado Realty Trust, SL Green Realty, and Invesco all vied for the property, with bids having reached a purported value of $110 million. But former owner Abe Goldstein – whose father purchased the building in 1980 for $1 million – held out until the price was right. Namely, $147.9 million to a partnership of Jeff Sutton, Joe Sitt, Bobby Cayre and the Adjmi family. The initial plan was to have the replacement building ready for occupancy sometime in 2014. However, hurdles such as approval from the Landmarks Preservation Commission slowed the approach, so to speak.

Designed by BKSK Architects, the reimagined 529 Broadway is loosely based on its ancestor, the Prescott House hotel, constructed in 1853 and demolished during the Great Depression.

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