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The Crosby

The Crosby

$15,685,000 Acquisition Financing

New York, NY | January 2022

Thorofare Capital has provided a short-term loan for the acquisition of 478-482 Broadway in New York City. The property, which is also known as 40 Crosby, is a mixed-use prewar building located in the prestigious SoHo neighborhood and consists of 69,097 square feet spanning various uses including retail, office, storage and residential.

SoHo is regarded as one of the most desirable retail and office markets within New York due to the high concentration of high-end boutiques, restaurants, and international chain store outlets. In addition, the subject will offer tenants exceptional accessibility.

The subject is proximate to 15 train lines and is in walking distance to multiple NYC residential neighborhoods, including Tribeca, the West Village, Greenwich Village and the East Village.

The institutionally backed, local sponsor acquired the property as part of a portfolio transaction from a publicly traded REIT seller. The sponsor plans to reposition The Crosby as a boutique luxury office building atop destination retail space with Broadway frontage.

Improvements will consist of a separate entrance on Crosby Street with high end pre-built office space and significant capital allocated to the lease up the premiere specialty retail on Broadway.

40 Crosby boasts flexible floorplates which will be able to cater to multiple tenants, or contiguous floors for a flagship headquarters location; providing leasing flexibility.

The sponsor is a New York City-based, fully integrated real estate private equity platform which manages fully discretionary investment vehicles targeting middle market value-add office investments.