Adelaide Polsinelli, Vice Chairman of Compass, a publically traded, technology-driven, real estate platform, along with Charlie Attias, Founder of the Charlie Attias Team, have been hired to market a block-through, retail co-op at the base of 515 Broadway, also known as 84-94 Mercer Street, in the heart of SoHo, Manhattan’s most exciting shopping district. The property is the center unit of the building, currently occupied by H&M, a Swedish multinational clothing-retail company known for its fast-fashion.
The property is located midblock, on Broadway between Spring and Broome Streets. The opportunity consists of a total of 30,000 square feet, of which 20,000 is legal retail selling space. 10,000 square feet is dramatic, light-flooded ground floor retail which is duplexed with a spacious 10,000 square foot lower level. There is an additional 10,000 square feet of sub- basement space. The retail unitwhich is currently occupied, can be delivered vacant for a user.
“This superbly renovated retail co-op, with generous frontage and 18 foot ceilings, with elevator accessed lower level, can be delivered vacant, making it ideal for an owner-user,” Polsinelli commented.
With a full floor to ceiling glass storefront, the space presents users with a distinctive canvass from which to showcase their brand.
“With the retail landscape evolving, I am seeing a surge in owner users stepping up to purchase real estate for their own business,” continued Polsinelli.
The building was constructed in 1884 as a commercial building for the estate of D.H Haight, replacing the St. Nicholas Hotel, which was once the largest and most luxurious hotel in the world, at a time when this area was a fashionable entertainment and shopping district.
The present six-story, block-through, Queen-Anne style building was converted to residential co-operative use in 1978 and exists as the largest co-op building in SoHo.
While the pandemic dealt a major setback to Soho, the shift in retail shopping patterns to e-commerce, added a double blow to an already struggling retail market. Fortunately, we are finally seeing signs of a strong resurgence as more retailers are signing long-term leases. This boost in activity is just what SoHo needed to remind retailers and investors that we are in a “once in a cycle” opportunity. Now is the most opportune time to stake a claim in one of New York City’s best shopping districts.
“As we turn the corner on Covid, more businesses will be placing bets on real estate”, added Polsinelli. “What better time to buy, than at the bottom of a ten year cycle?” Polsinelli concluded.
About Polsinelli: With over 30 years of experience, Polsinelli has sold over 1,500 properties, valued at over $40 billion in every asset class including multifamily, retail, office, development, note sales, air rights, partnership interests, unsold shares and retail condos. She has sold over $1.4 billion in the last few years, spanning NYC, Miami, Boston, Chicago and most of the northeast corridor. Prior to joining Compass, she was a Principal at the now defunct, Eastern Consolidated.
About Compass: is a technology-driven real estate platform dedicated to creating a seamless and intelligent buying, selling, and leasing experience. Combining the country’s top agents, proprietary market insights, and integrated mobile and web technologies, Compass is developing the future of real estate decision-making. With $1 Billion in revenue, and $35 Billion in sales volume, Compass has 238 offices with locations in 122 markets, including New York City, Washington DC, Boston, Miami, Los Angeles, Santa Barbara, the Hamptons, and Aspen. New funding fuels international expansion, enhanced technology developments for agents and consumers. Compass was founded by Ori Allon, who sold two previous companies to Google and Twitter, and business partner Robert Reffkin, a former White House Fellow and Chief of Staff to Goldman Sachs’ President & COO.
