The Singer Building

561 Broadway, 6

Soho   |   Spring Street & Prince Street

Price Drop
Co-op [Video Intercom]
$ 6,695,000 [ 10.73% | $ 805,000 ]
Rooms 10
Bedrooms 5
Bathrooms 4
Status Active
Maintenance [Monthly] $ 15,700
Financing Allowed 80%
Listing ID: 1986610

Jason Bauer

License

Manager, Lic. Associate RE Broker

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Property Description

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
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

Listing Courtesy of Nest Seekers International

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Apartment Features

A/C [Central]

Outdoor

Balcony
561 Broadway Soho New York NY 10012

Building Details [561 Broadway]

Ownership Co-op
Service Level Video Intercom
Access Keyed Elevator
Pet Policy Pets Allowed
Block/Lot 498/7
Building Type Loft
Age Pre-War
Year Built 1902
Floors/Apts 12/26

Building Statistics

$ 1,348 APPSF

Closed Sales Data [Last 12 Months]

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Loan Amount

This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2023 REBNY Listing Service, Inc. All rights reserved. Additional building data provided by On-Line Residential [OLR].
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.