New York & Tri-State + Downtown New York + Finance | November 30, 2022

Newmark arranged a $127.4-million refinancing for 575 Broadway in SoHo, home to Prada's New York City flagship store

Prada’s NYC Flagship Location Scores $127M Refi

Newmark arranged a $127.4-million loan to refinance 575 Broadway, a 176,000-square-foot, mixed-use office and retail building in Manhattan’s SoHo neighborhood that houses the New York flagship location of Prada. Citigroup and Société Générale originated the loan, terms of which weren’t disclosed.

The Newmark team was led by co-heads of debt & structured finance Dustin Stolly and Jordan Roeschlaub and senior managing directors Chris Kramer and Nick Scribani. Locally, the team most recently arranged a $150-million financing for the repositioning of 295 Fifth Ave.

Built in 1882 by John Jacob Astor, 575 Broadway was redesigned in 1991 as the Guggenheim Museum SoHo, which occupied the space for more than a decade. Owned by Peter Brant since the late 1980s, the property today is home to Estee Lauder, H&M and Lure Fishbar, one of the city’s most-trafficked restaurants, as well as Prada.

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Newmark's StollyNewmark's Roeschlaub

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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