Avison Young brings to market mixed-use SoHo property at 535 Broadway

The fully occupied 14,225-sf property includes a retail duplex, which will soon be home to POP MART

New York, NY – Avison Young brings to market a 14,225-square-foot (sf) mixed-use (retail and residential) property at 535 Broadway within the historic cast-iron district of SoHo on behalf of A10 Capital, a nationwide debt fund. The 5-story property was built in 1852 and features 9,600-sf of residential space across four floors along with 4,625-sf of ground floor and lower-level retail space along with a 2,350-sf sub-cellar.

The fully occupied property features three full-floor, free market apartments and one full-floor rent-stabilized unit, with a path to fully deregulating the building. The ground floor duplex is newly leased to POP MART, a quickly growing publicly traded global retailer, which recently signed a long-term lease and is currently building out the space. The multi-level retail space boasts 12-foot ceilings, mullion-free windows allowing for better visibility and 25’ of frontage along Broadway.

The sellers are represented by Avison Young’s Tri-State Investment Sales team, including James Nelson, Head of Tri-State Investment Sales, Brent Glodowski, Eric Karmitz, and Alexandra Marolda – all based in the firm’s New York City office.

“The SoHo market, along with Madison Avenue, are the markets which have rebounded most dramatically from the downturn and have been leading the way in retail leasing, office busyness and mixed-use and retail investment sales activity over the last year,” said Nelson. “The interest we’ve received thus far from the market is indicative of investors’ desires to be in Manhattan’s premier shopping corridors.”

In addition to the strong co-tenancy, the asset is situated between Prince and Spring Streets and is conveniently located near multiple public transit options including the Prince Street and Broadway-Lafayette Street subway stations servicing the 6, R, W, B, D, F & M lines.

535 Broadway will act as POP MART’s NYC flagship store. POP MART, a market-leading character-based entertainment company, is famous for its collectible figurines and “blind boxes” which include a surprise figurine. The company anticipates adding over 200 U.S.-based locations in strategic, high-end, and highly trafficked retail corridors and neighborhoods within five to ten years. They currently hold nine locations within the U.S. across New York City, California, New Jersey, Washington, and Las Vegas.

“Avison Young’s presence in the market and recent sales along Broadway of similar assets gave us to the confidence that they are the right team to help us sell 535 Broadway,” said Jerry Dunn, Co-Founder and President, A10 Capital.

View the 535 Broadway listing here.