Sunday, October 31, 2010

HFF arranges $44 million refinancing for retail condominium in Manhattan’s SoHo neighborhood


NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced has arranged a $44 million refinancing for the retail condominium at 599 Broadway (top left photo) in Manhattan’s SoHo neighborhood (middle right photo).

HFF managing director Evan Pariser and senior real estate analyst Todd Newman worked exclusively on behalf of the borrower, ABC Management Corp., to secure the 10-year, fixed-rate loan with Prima Capital Advisors. 

599 Broadway is located at the intersection of Broadway and Houston Street in SoHo’s Cast Iron Historic District.  The retail condominium includes the first three floors and lower level retail space of the 12-story property.

  An entity controlled by Jeff Sutton is the master tenant for the retail condominium and American Eagle subleases the ground, second floor and lower level spaces through a 15-year lease.  American Eagle is scheduled to open this flagship SoHo store in November 2010.

“This transaction represents the skillful culmination of a long-term repositioning of 599 Broadway by David R. Topping, the principal partner of ABC Management Corp. 

The creative ownership structure utilizing a joint venture master lease led by the talented Jeff Sutton has maximized the retail potential of what is arguably the best retail location in SoHo,” said Pariser.   

Founded in 1977, ABC Management Corp. is a real estate investment and management company headquartered in New York.  ABC owns numerous commercial properties in the New York metropolitan area and nationally including residential apartment buildings, shopping centers, office buildings and warehouses.

Prima Capital is an investment advisory firm specializing in whole loans, investment grade CMBS and REIT bonds and commercial mortgage ‘B’ notes.  With approximately $2 billion under management Prima Capital’s investments are made on a fully discretionary basis for a number of public and corporate pension funds.

Contacts:          
Evan Pariser, HFF Managing Director, (212) 245-2425, epariser@hfflp.com
Todd Newman, HFF Senior Real Estate Analyst, (212) 245-2425, tnewman@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

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