Active
561 Broadway Unit: 6
New York City NY, 10012
$5,750,000
$717.32 per sqft
Active
5 Beds
4 Baths
8,016 sqft
Condo
Built in 1902
Unheralded, unique opportunity to buy out the entire 6th floor at the historic multi-use, live-work, loft building at 561 Broadway AKA 88 Prince Street. Buy as a pure investment, flip, commercial rental, or one's own private Soho loft home. 8,016 sq ft of raw Soho loft space currently divided into four separate commercial / retail loft spaces. Ability to rezone to residential (there is precedent) for the buyer with patience and expertise to do so.
Three keyed elevator access. Central HVAC rooftop units are in place for a complete modernization. Massive eastern exposure with morning light flooding through a balcony overlooking the hustle and bustle on Broadway. Northern wall of windows facing the stylish Prince Street. Location unlike anything else. The crux of Prince Street and Broadway offers an iconic, historic, and trendy locale for your business or personal life. The design and flow of the space is limited only by your imagination, vision, and resources. Keep the layout, use one space and receive investment funds from your tenants OR flip the space into your dream home. Multiple viable options here. Coop is very rational, accepts certain financing, and is open to a wide spectrum of buyer types.
The building, with entries on both 561 Broadway and 88 Prince Street was designed by Ernest Flagg, a Beaux-Arts trained New York architect who coined it the "Little Singer Building" in 1902. Construction began in spring of 1903, five years before building the Singer Tower which, at the time, was the world's tallest building. Converted to a co-op in 1979, the building has an unusual mix of residential and commercial units: 20 offices and 15 live/work units for artists, creatives and the like. The historic architecture and open airy look of the Little Singer derives from its wide windows and strip balconies floating across each level. The balconies have timeless wrought iron railings, sophisticated design, and vary from floor to floor. Beginning in 1983, the aging building (originally a Singer sewing machine factory) was restored by the co-op which included repainting the decorative ironwork that same eye-catching green color that Flagg used in 1903.
Asking $7,500,000 OBO. Private showings granted to reputable buyers or brokers ONLY. Buyer brokers MUST COLLECT THEIR OWN FEE.
Investment Income:
Unit net sq ft gross sq ft monthly income potential
A 2,373 3,540 $11,797
B 942 1,405 $4,683
C 1133 1,690 $5,633
D 926 1,381 $4,603
Total 5,374 8,016 $26,716
Monthly overhead breakdown:
Maintenance: $15,700 (75% tax deductible)
Electric use approximately: $1,000 (can be drastically reduced by using cooling towers already in place)
Insurance: $2,000
Images and floorplans: https://photos.app.goo.gl/eyLV5BQhkSFtd3g59
Inquire within.
AMENITIES
Abundant Closets
Balcony
Central Air Conditioning
Elevator
Floor To Ceiling Windows
French Doors
Hardwood Floors
High Ceilings
Home Office
Live Work
Loft
Private Entrance
EXPOSURES
East
North
OLRS-1986610
MLSⓇ ID
June 14, 2022
Listed
March 27, 2024
Updated
Map
561 Broadway Unit: 6
New York City NY, 10012
Interior Features
Total Stories
12
Bedrooms
5 Beds
Bathrooms
4 Baths
Laundry Description
Building Washer Dryer Install Allowed
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
No
Exterior/Building Features
Exterior Features
Balcony
Architectual Style
Prewar, Loft
Other Property Details
Common Charges
$15,700
Common Charges Frequency
Monthly
Garage
No
View
No
County
NewYork
Pool
No
Courtesy of Nest Seekers LLC with Samuel DeFranceschi, Nuttia Sunittramat
Listing Contact: (212) 252-8772
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market.
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Data last updated 11:38 PM UTC, 3/27/2024