Argo Corp. buys Broadway rental building for $60m.The Argo Corporation announced the acquisition of 625 Broadway, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY, by its principals, the Moskowitz Family. The purchase price was $60,900,000. 625 Broadway is a 12 story loft building located in New York's fashionable NoHo, a few steps from Houston Street. This Renaissance Revival style store and loft building was designed by David W. King and built in 1896-98. It runs through the block and has a second entrance on Mercer Street. Mark Moskowitz, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Argo, stated, "The acquisition of 625 Broadway continues our strategy to acquire well located buildings in core areas of New York where there is potential for upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside through active management and leasing activity." Argo is one of New York's premier real estate owner-managers with a portfolio of over 9,000 residential units and 520,000 s/f of commercial and retail property. The recent trading of similar buildings in Soho and Noho is an affirmation of the strength of the office and retail markets in Manhattan, and the increasing attraction of downtown to tenants who in past years, would not consider an office below 23rd Street. Massey Knakal partner James Nelson For other uses, see James Nelson (disambiguation). James "Jimmy" Nelson (born 7 January 1901; died 8 October 1965) was a Scottish international footballer who played for Cardiff City and Newcastle United in the 1920s and 1930s and captained the famous Wembley Wizards exclusively represented the seller with chairman Robert Knakal. "At this price per square foot, this sale specifically demonstrates buyers' confidence in this Broadway corridor, which achieves retail rents upwards of $300 per square foot and office rents of $50 per square foot," said Nelson. The 34' x 200', 12-story property contains approximately 80,084 s/f including two passenger elevators and one service elevator elevator, in machinery elevator, in machinery, device for transporting people or goods from one level to another. The term is applied to the enclosed structures as well as the open platforms used to provide vertical transportation in buildings, large ships, . It may be possible to combine the basement and sub-basement levels, creating sellable retail space with high ceilings. The majority of leases on the upper floors expire in 2008. The transaction occurred at a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 5.90% and a gross rent multiple of 14.21. The property sold for $760.45 per square foot. Signature Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has been appointed as the exclusive leasing agent for the office space and RIPCO Real Estate Corp. for the retail space presently occupied by Gonzalez y Gonzalez, a venue known for having the longest bar in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Marina Higgins, vice president of Argo, stated, "We are pleased to again work with Signature and RIPCO to reposition this asset. We believe that there exists significant upside due to the pending availability of the ground and other floors of the property." |
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