$5,750,000
●
Co-op -
For Sale
561 Broadway #6
Manhattan, NY 10012
5 Beds
4 Baths
8016 Sqft
$43,934
Estimated Monthly
$15,700
HOA / Fees
-1.40%
Cap Rate
About This Property
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.
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.
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.
Asking $7,500,000 OBO. Private showings granted to reputable buyers or brokers ONLY. Buyer brokers MUST COLLECT THEIR OWN FEE.
Investment Income:
Unit net sq ft gross sq ft monthly income potential
A 2,373 3,540 $11,797
B 942 1,405 $4,683
C 1133 1,690 $5,633
D 926 1,381 $4,603
Total 5,374 8,016 $26,716
Monthly overhead breakdown:
Maintenance: $15,700 (75% tax deductible)
Electric use approximately: $1,000 (can be drastically reduced by using cooling towers already in place)
Insurance: $2,000
Images and floorplans: https://photos.app.goo.gl/eyLV5BQhkSFtd3g59
Inquire within.
AMENITIES
Abundant Closets
Balcony
Central Air Conditioning
Elevator
Floor To Ceiling Windows
French Doors
Hardwood Floors
High Ceilings
Home Office
Live Work
Loft
Private Entrance
EXPOSURES
East
North
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.
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.
Asking $7,500,000 OBO. Private showings granted to reputable buyers or brokers ONLY. Buyer brokers MUST COLLECT THEIR OWN FEE.
Investment Income:
Unit net sq ft gross sq ft monthly income potential
A 2,373 3,540 $11,797
B 942 1,405 $4,683
C 1133 1,690 $5,633
D 926 1,381 $4,603
Total 5,374 8,016 $26,716
Monthly overhead breakdown:
Maintenance: $15,700 (75% tax deductible)
Electric use approximately: $1,000 (can be drastically reduced by using cooling towers already in place)
Insurance: $2,000
Images and floorplans: https://photos.app.goo.gl/eyLV5BQhkSFtd3g59
Inquire within.
AMENITIES
Abundant Closets
Balcony
Central Air Conditioning
Elevator
Floor To Ceiling Windows
French Doors
Hardwood Floors
High Ceilings
Home Office
Live Work
Loft
Private Entrance
EXPOSURES
East
North
Unit Size
8,016Ft²
Days on Market
684 days
Land Size
-
Price per sqft
$717
Property Type
Co-op
Property Taxes
-
HOA Dues
$15,700
Year Built
1904
Listed By
Last updated: 3 months ago (RLS #OLRS-1986610)
Price History
Date / Event | Date | Event | Price |
---|---|---|---|
Dec 14, 2023 | Relisted | $5,750,000 | |
Relisted | |||
Dec 14, 2023 | No longer available | - | |
No longer available | |||
Nov 28, 2023 | Price Decreased |
$5,750,000
↓ $200K
(3.4%)
|
|
Price Decreased | |||
Jun 26, 2023 | Relisted | $5,950,000 | |
Relisted | |||
Jun 14, 2023 | No longer available | - | |
No longer available |
Show More
Property Highlights
Elevator
Parking Available
Air Conditioning
Interior Details
Bedroom Information
Bedrooms: 5
Bathroom Information
Full Bathrooms: 4
Interior Information
Living Area: 8016
Room Information
Laundry Features: Building Washer Dryer Install Allowed
Rooms: 10
Exterior Details
Property Information
Year Built: 1902
Building Information
Outdoor Living Structures: Balcony
Pets Allowed: Building Yes, Yes
Lot Information
Lot Size Dimensions: 0.0 x 0.0
Land Information
Tax Lot: 7
Tax Block: 498
Utilities Details
Cooling Type: Central Air
Location Details
Subdivision Name: Soho
Stories Total: 12
Association Fee: $15,700
Association Fee Frequency: Monthly
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
Sold
Co-op
5
Beds
5
Baths
-
$5,500,000
Oct 24, 2019
$5,500,000
Apr 20, 2021
$8,058/mo
Sold
Co-op
3
Beds
2
Baths
4,772 ft²
$1,310/ft²
$6,250,000
Jun 17, 2016
-
Feb 5, 2021
$7,232/mo
Condo
4
Beds
3
Baths
-
$5,450,000
Aug 9, 2019
$5,450,000
Dec 23, 2021
$7,506/mo
Sold
Co-op
4
Beds
3
Baths
-
$5,600,000
May 26, 2015
$5,600,000
Feb 5, 2021
$4,338/mo
In Contract
Condo
4
Beds
4
Baths
3,072 ft²
$2,230/ft²
$6,850,000
Oct 12, 2023
-
$11,889/mo
Active
Condo
4
Beds
4
Baths
2,261 ft²
$2,808/ft²
$6,350,000
Feb 23, 2024
-
$4,044/mo
In Contract
Co-op
2
Beds
1
Bath
4,581 ft²
$1,201/ft²
$5,500,000
Nov 1, 2023
-
$4,371/mo
In Contract
Co-op
3
Beds
2
Baths
4,000 ft²
$1,249/ft²
$4,995,000
May 30, 2023
-
$5,000/mo
Active
Co-op
2
Beds
2
Baths
2,920 ft²
$1,969/ft²
$5,750,000
Apr 4, 2024
-
$1,100/mo
Past Sales
Date | Unit | Beds | Baths | Sqft | Price | Closed | Owner | Listed By |
---|---|---|---|---|---|---|---|---|
10/17/2022
|
4 Bed
|
3 Bath
|
4500 ft²
|
$9,995,000
4 Bed
3 Bath
4500 ft²
|
$9,995,000
05/16/2023
|
-
|
Philip Scheinfeld
Compass
|
|
05/12/2022
|
2 Bed
|
2 Bath
|
-
|
$675,000
2 Bed
2 Bath
|
$715,000
+5.93%
06/27/2022
|
-
|
Elisee Labrecque
RE/MAX Destiny
|
|
02/11/2022
|
2 Bed
|
2 Bath
|
2300 ft²
|
$2,995,000
2 Bed
2 Bath
2300 ft²
|
$3,100,000
+3.51%
06/06/2022
|
Laurence Carty
Corcoran Group
|
||
09/15/2021
|
Studio
|
1 Bath
|
1800 ft²
|
$1,750,000
Studio
1 Bath
1800 ft²
|
$1,625,000
-7.14%
04/08/2022
|
James Weiss
Compass
|
||
04/06/2021
|
2 Bed
|
2 Bath
|
2500 ft²
|
$2,300,000
2 Bed
2 Bath
2500 ft²
|
$2,650,000
+15.22%
06/28/2022
|
-
|
EunAh Kim
Blu Realty Group
|
|
09/05/2018
|
1 Bed
|
1 Bath
|
-
|
$424,900
1 Bed
1 Bath
|
$453,800
+6.80%
10/22/2018
|
-
|
Karen Morgan
Coldwell Banker Realty - Cambridge
|
|
09/04/2018
|
2 Bed
|
2 Bath
|
-
|
$579,000
2 Bed
2 Bath
|
$550,000
-5.01%
11/27/2018
|
-
|
Carol Costello
Century 21 Seaport
|
|
03/03/2016
|
2 Bed
|
2 Bath
|
-
|
$460,000
2 Bed
2 Bath
|
$511,000
+11.09%
04/25/2016
|
-
|
Elisee Labrecque
RE/MAX Destiny
|
|
09/03/2015
|
1 Bed
|
1.5 Bath
|
2300 ft²
|
$3,498,000
1 Bed
1.5 Bath
2300 ft²
|
$3,300,000
-5.66%
02/11/2016
|
Lee Moudiyne-Schweninger
TOWN Residential, LLC.
|
||
02/19/2015
|
2 Bed
|
1 Bath
|
1750 ft²
|
$2,250,000
2 Bed
1 Bath
1750 ft²
|
-
-
|
-
|
Jon Capobianco
Compass
|
|
10/15/2014
|
2 Bed
|
2 Bath
|
2300 ft²
|
$5,390,000
2 Bed
2 Bath
2300 ft²
|
-
-
|
-
|
Lee Moudiyne-Schweninger
Corcoran Group
|
|
12/11/2013
|
2 Bed
|
2 Bath
|
2200 ft²
|
$3,695,000
2 Bed
2 Bath
2200 ft²
|
$3,475,000
-5.95%
05/23/2014
|
Lee Moudiyne-Schweninger
TOWN Residential, LLC.
|
||
06/19/2013
|
1 Bed
|
1 Bath
|
2100 ft²
|
$2,398,000
1 Bed
1 Bath
2100 ft²
|
$2,398,000
09/25/2013
|
Lee Moudiyne-Schweninger
TOWN Residential, LLC.
|
||
06/07/2012
|
1 Bed
|
1 Bath
|
-
|
$255,000
1 Bed
1 Bath
|
$255,000
07/23/2012
|
-
|
Elizabeth Robbins
RE/MAX Realty Experts
|
|
07/07/2010
|
2 Bed
|
2 Bath
|
-
|
$319,900
2 Bed
2 Bath
|
$320,000
+0.03%
10/15/2010
|
-
|
Courtney Snyder
RE/MAX Destiny
|
|
08/21/2007
|
2 Bed
|
2 Bath
|
-
|
$339,900
2 Bed
2 Bath
|
$325,000
-4.38%
11/30/2007
|
-
|
Melanie Collard
Compass
|
|
07/26/2007
|
1 Bed
|
1 Bath
|
-
|
$279,000
1 Bed
1 Bath
|
$265,000
-5.02%
08/31/2007
|
-
|
Paul Mydelski
RE/MAX Leading Edge
|
|
10/17/2002
|
2 Bed
|
2 Bath
|
-
|
$319,900
2 Bed
2 Bath
|
$295,000
-7.78%
03/31/2003
|
-
|
Paula Dowd
Dowd Properties
|
|
03/26/1996
|
|
Loft
|
5 Bath
|
-
|
$1,395,000
Loft
5 Bath
|
$1,300,000
-6.81%
08/29/1996
|
-
|
Rosemary Scalera
Century 21 Mclennan & Company
|
Building Info
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