Joseph Sitt is trying to rake in a small fortune for an 11-story Soho office building where Club Monaco just leased a retail spot.
The head of Thor Equities has hired investment magicians Douglas Harmon and Adam Spies of Eastdil Secured to sell 530-536 Broadway on the northeast corner of Spring St.
Sitt purchased it for $190 million in 2007, making it one of the largest area sales at that time.
Now Sitt is hoping to rake in $500 million, or $2,500 per foot for the entire 194,499 square-foot three-building package with 126 feet of frontage on each street.
The pricing, however, is based primarily on the more valuable retail leases to tenants that include EMS, Vince Camuto and Club Monaco, whose deal was reported by The Post earlier this week.
That 5,100-square-foot, two-floor lease had an asking rent on the ground of about $800 a foot, although the actual 15-year deal would have been inked for less.
Current offices in the Soho area can have asking rents as much as $65 a foot versus $30 a foot in 2007. Rents have risen dramatically over the last two years as tech tenants seek out the older, eclectic spaces.
Some of the upper floors in the 1890s structures are connected. Tenants include: Anomaly Communications, owned by ad firm MDC Partners; Behance, which was recently purchased by Adobe; UK-based Guardian News; and Avalanche Games, a Swedish gaming company.
No one was available to comment.
Lois@BetweentheBricks.com