Ellwell Associates LLC, established in 1995 and incorporated in New York, sold 375 Broadway in SoHo for $81 million to Real Estate Equities Corporation. The 55,000 square-foot building was purchased by Real Estate Equities, headed by father and son Michael and Brandon Miller and Mark Siegel, in partnership with the overseas investor accessed by The Carlton Group. The seller was represented by Lee Spiegelman, founder and managing principal of SplitRock Group, in the transaction; Laurence Ross, managing principal of Highcap Group, represented the buyer.
The five-story office and retail building at 375-377 W. Broadway in New York City between Broome and Spring Streets was owned by Ellwell Associates for decades. Currently, apparel retailer Anthropologie leases 11,200 square feet of ground floor retail space, as well as 7,000 square feet in the basement, in a lease that runs through March 2016, paying about $115 per square foot, Steven Fenster, a managing director at financial firm Carlton Advisory Services, said. All the rents in the building are significantly below market, so there is a tremendous amount of upside," Brandon Miller said. "Soho is a great [New York City] submarket, and we are very excited about this investment."
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