Emmes to sell Noho mixed-use building for $56M

Midtown East-based firm paid close to $42M for 623 Broadway just last year

623 Broadway in Noho
623 Broadway in Noho

Commercial real estate firm Emmes Asset Management is in contract to sell a mixed-use Noho building to investor Eli Cohen at 623 Broadway for $56 million in an off-market deal.

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Emmes had acquired five-story, 37,869-square-foot building, between Houston and Bleecker streets, from Japanese-owned firm ISE Realty Group for nearly $42 million last year, as The Real Deal reported. The seller. 

Chase Bank occupies the ground-floor space at the building. The tenant’s 25-year lease had a purchase option if the property was converted to a condominium or co-op site, but Emmes altered the lease prior to Cohen signing the contract, the newspaper said. [NYP, 3rd]Mark Maurer