After Madison Capital for years vied for the right to develop 606 Broadway, the developer is looking to sell the fruits of its labor.
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The six-story SoHo office and retail building, delivered in 2019 by a joint venture of Madison and Vornado Realty Trust, has hit the market. The Avison Young Tri-State Investment Sales team was tapped to sell the property and expects to find a buyer willing to pay close to $100M, a spokesperson told Bisnow.
The New York City Economic Development Corp. selected Madison's proposal for the site in 2012, but the deal didn't close until 2016, when Vornado was brought into the project as a partner. Madison and Vornado spent $25.8M to buy the site from the EDC, and construction on the building wrapped in 2019.
As part of its agreement with the city, the developer spent another $13M for an alternative parking facility for the Metropolitan Transportation Authority to relocate to, as it previously leased the 606 Broadway property from the city.
606 Broadway is one of the few recent ground-up developments in the neighborhood. The retail portion of the project has been leased, but the office space is empty.
The sellers are represented by an Avison Young team of James Nelson, Erik Edeen, Brent Glodowski, Eric Karmitz and Alexandra Marolda, with support by Kevin Swartz.
In a statement, Nelson referenced the growing trend of retailers and corporations opting to buy retail and office properties rather than leasing them.
“This premier property sits at the ‘Gateway to SoHo’ with full block frontage along the southern portion of East Houston Street and is a rare opportunity to acquire a trophy asset with full occupancy potential and unmatched visibility, a perfect space to solidify a New York City presence,” Nelson said.
Madison didn't respond to Bisnow’s request for comment. A Vornado representative declined to comment.
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