PAMERA North America, LLC (PAMERA NA), based in New York City and part of the Munich-based multi-family office PAMERA Real Estate Group, has concluded another US deal with the acquisition of the mixed-use property 640 Broadway in New York City. The purchase was made for a German family office and in cooperation with the local operator Targo Capital. JLL represented the seller, the US real estate investment fund Acadia Realty Group.

Located on the corner of Broadway and Bleecker Street, 640 Broadway is a renovated, nine-storey, almost 5,000 square meter core property with luxurious loft-style residential units and a good 400 square meters of retail space on the first floor, 100% of which is leased to renowned tenants such as Kith, UPS, Two Hands Café and Van Leeuwen. The retail space benefits from high footfall thanks to its approximately 70 meters of prime store frontage along Broadway, Bleecker and Crosby Streets.

640 Broadway is located in the heart of Noho, one of New York City’s most vibrant neighborhoods, known for its historic architecture, creative spirit, and trendy stores, cafes and restaurants. The extremely convenient location offers excellent access to all of New York City via several subway lines. SoHo, Greenwich Village, East Village and Union Square are also within easy walking distance.

Cord Ernst, Managing Partner at PAMERA North America, says: “640 Broadway is a generational asset that is ideally suited to our client’s investment philosophy. The property impresses with its unique location, the high quality of construction and at the same time offers potential for value appreciation.”

Photo credit: JLL