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$7,500,000
561 Broadway, New York City, NY 10012
5 Beds
4 Baths
8,016 SqFt

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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.<br><br>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.<br><br>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.<br><br>Asking $7,500,000 OBO. Private showings granted to reputable buyers or brokers ONLY. Buyer brokers MUST COLLECT THEIR OWN FEE.<br><br>Investment Income:<br><br>Unit net sq ft gross sq ft monthly income potential<br><br>A 2,373 3,540 $11,797<br><br>B 942 1,405 $4,683<br><br>C 1133 1,690 $5,633<br><br>D 926 1,381 $4,603<br><br>Total 5,374 8,016 $26,716<br><br>Monthly overhead breakdown:<br><br>Maintenance: $15,700 (75% tax deductible)<br><br>Electric use approximately: $1,000 (can be drastically reduced by using cooling towers already in place)<br><br>Insurance: $2,000<br><br>Images and floorplans: https://photos.app.goo.gl/eyLV5BQhkSFtd3g59<br><br>Inquire within.<br><br>AMENITIES<br>Abundant Closets<br>Balcony<br>Central Air Conditioning<br>Elevator<br>Floor To Ceiling Windows<br>French Doors<br>Hardwood Floors<br>High Ceilings<br>Home Office<br>Live Work<br>Loft<br>Private Entrance<br>EXPOSURES<br>East<br>North
  • Price:
  • $7,500,000
  • Bedrooms:
  • 5
  • Full Baths:
  • 4
  • Square Footage:
  • 8,016
  • Year Built:
  • 1902
  • Listing ID #:
  • OLRS-1986610
  • Street Address:
  • 561 Broadway
  • City:
  • New York City
  • State:
  • New York
  • Postal Code:
  • 10012
  • County:
  • New York
  • Listing Status:
  • Active
  • Listing Type:
  • Other
  • Stories:
  • 12.0
  • Total Building Square Footage:
  • 8016
  • Year Built:
  • 1902
  • Association Fee:
  • $15,700
  • Room Description:
  • 5 Bedrooms, 4 Full Baths
  • Total Rooms:
  • 10
  • Cooling System:
  • Central A/C
30-year Conforming

5.37%

-0.05%

30-year FHA

5.307%

-0.026%

30-year VA

5.025%

-0.073%

Last updated: 8/15/2022
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.

Your Payment
$1,400/mo

Source: CINC

  • Copyright © 2022 Real Estate Board of New York. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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