The landmarked cast-iron building on the corner of Broome Street and Broadway was offered for sale for $145 million. The buyer of the building is Ponte Gadea, a real estate investment company controlled by Amancio Ortega, the owner of the parent company of Zara Inditex.
The five-story building which has an area of 42,000 square feet, was developed by architect John Gaynor in 1857. The building was designed based on a 16th-century Venetian library and was constructed as a store for E.V. Haughwout & Co. The ornate building attracted folks, including Mary Todd Lincoln, Abe Lincoln's wife, who bought White House china from the place, as reported by the NY Post.
The building also used the first Otis hydraulic elevator, and folks would come to the building just to see the rarity of the steam-powered elevator, and then later on stay to eventually purchase some merchandise.
People who marketed the emporium building include Brett Siegel of Eastdil Secured. This is the fourth Soho real estate transaction sold by Eastdil Secured in the last six months. These big time real estate transactions included the $145 million sale of the building in 106 Spring St., the $70 million sale in 113 Spring St., and the $277 million sale in 131 Spring St.
Scott Cahaly and Kyle Young of JLL represented the owners of the Building, JEMB Realty. The asking rent a year ago was $49 per square foot, which could be higher by now, according to 42Floors.
According to The Real Deal, billionaire owner Amancio Ortega of the real estate investment company, Ponte Gadea, who also owns Zara, a luxury retailer, extravagantly spent $145 million on the 19th-century landmarked office building at 490 Broadway Street corner Broome Street in Soho.
The 42,000-square-foot, five-story building was erected in 1857 and was developed by architect John Gaynor as an E.V. Haughwout & Co. store. The New York Post reported that the building first used an Otis hydraulic elevator.
The publishing also mentioned that Amancio Ortega, who also owns the Inditex fashion group, is one of the richest people in the world.
