Joseph Sitt hopes to fetch $500 million for Soho building
Joseph Sitt, an Orthodox Jew, is aiming to make a small fortune from the sale of an 11-story SoHo office building where Club Monaco just leased a retail spot, according to the New York Post.
The head of Thor Equities has hired investment magicians Douglas Harmon and Adam Spies of Eastdil Secured to sell 530-536 Broadway on the northeast corner of Spring Street.
Sitt purchased it for $190 million in 2007, making it one of the largest area sales at that time.
Now Sitt is hoping to rake in $500 million, or $2,500 per foot, for selling the entire 194,499-square-foot three-building package with 126 feet of frontage on each street.
The pricing, however, is based primarily on the more valuable retail leases to tenants that include EMS, Vince Camuto and Club Monaco, whose deal was reported by The Post earlier this week.
That 5,100-square-foot two-floor lease had an asking rent on the ground of about $800 a foot, although the actual 15-year deal would have been inked for less.
Current offices in the SoHo area can have asking rents of as much as $65 a foot versus $30 a foot in 2007. Rents have risen dramatically over the last two years as tech tenants seek out older, eclectic spaces.