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Little Singer Building, 561 Broadway, #6

$5,750,000 ($717 per ft2) | 5 beds, 4 baths | Approx. 8,016 ft2
69 days on Market

Key Details

  • Listed: Dec 14, 2023
    Days on Market: 69
    Building Type: Cooperative
    Neighborhood: SoHo (Manhattan)
    Doorman: FT Doorman
    Listing viewed 873 times
Monthly Maintenance: $15,700 ($1.96/ft2)
Est. Monthly Mortgage: $31,568
Total Est. Monthly Carrying Cost: $47,268 ($5.90/ft2)
Note: the above is based on a down payment of 20% ($1,150,000), which is the minimum amount permitted by the building.

Insider Highlights

  • Location and Price: This property is located at 561 Broadway, SoHo, with an asking price of $5,750,000, which equates to $717 per ft2. The monthly maintenance is $15,700, or $1.96/ft2, and the total taxes and fees are the same.
  • Property Details: The property is a cooperative building type, offering the entire 6th floor for purchase. It is currently divided into four separate commercial/retail loft spaces, with potential to rezone to residential. The building was designed by Ernest Flagg and is known as the 'Little Singer Building'.
  • Building Amenities: The building has a full-time doorman, intercom, and elevator. It has 22 apartments across 12 floors. However, it does not have a garage, roof deck, or sidewalk landscaping.
  • Unique Features: The property has three keyed elevator access points, central HVAC rooftop units, and a balcony with eastern exposure. The northern wall of windows faces Prince Street.
  • Potential Income: The property has the potential to generate a monthly income of $26,716 from unit rentals. The monthly overhead includes maintenance, electric use, and insurance.
  • Neighborhood: The property is in a prime SoHo location, near luxury retail, cafes, and restaurants. The co-op accepts certain financing and is open to a wide spectrum of buyer types.

Description

Unheralded, unique opportunity to buy out the entire 6th floor at the historic multi-use, live-work, loft building at 561 Broadway AKA 88 Prince Street. Buy as a pure investment, flip, commercial rental, or one’s own private Soho loft home. 8,016 sq ft of raw Soho loft space currently divided into four separate commercial / retail loft spaces.

Ability to rezone to residential (there is precedent) for the buyer with patience and expertise to do so.

Three keyed elevator access. Central HVAC rooftop units are in place for a complete modernization. Massive eastern exposure with morning light flooding through a balcony overlooking the hustle and bustle on Broadway.

Northern wall of windows facing the stylish Prince Street. Location unlike anything else. The crux of Prince Street and Broadway offers an iconic, historic, and trendy locale for your business or personal life.

The design and flow of the space is limited only by your imagination, vision, and resources. Keep the layout, use one space and receive investment funds from your tenants OR flip the space into your dream home. Multiple viable options here.

Coop is very rational, accepts certain financing, and is open to a wide spectrum of buyer types.

The building, with entries on both 561 Broadway and 88 Prince Street was designed by Ernest Flagg, a Beaux-Arts trained New York architect who coined it the "Little Singer Building" in 1902. Construction began in spring of 1903, five years before building the Singer Tower which, at the time, was the world’s tallest building. Converted to a co-op in 1979, the building has an unusual mix of residential and commercial units: 20 offices and 15 live/work units for artists, creatives and the like.

The historic architecture and open airy look of the Little Singer derives from its wide windows and strip balconies floating across each level. The balconies have timeless wrought iron railings, sophisticated design, and vary from floor to floor. Beginning in 1983, the aging building (originally a Singer sewing machine factory) was restored by the co-op which included repainting the decorative ironwork that same eye-catching green color that Flagg used in 1903.

Asking $7,500,000 OBO.

Private showings granted to reputable buyers or brokers ONLY. Buyer brokers MUST COLLECT THEIR OWN FEE.

Investment Income:

Unit net sq ft gross sq ft monthly income potential

A 2,373 3,540 $11,797

B 942 1,405 $4,683

C 1133 1,690 $5,633

D 926 1,381 $4,603

Total 5,374 8,016 $26,716

Monthly overhead breakdown:

Maintenance: $15,700 (75% tax deductible)

Electric use approximately: $1,000 (can be drastically reduced by using cooling towers already in place)

Insurance: $2,000

Images and floorplans: https://photos.app.goo.gl/eyLV5BQhkSFtd3g59

Inquire within.

AMENITIES
Abundant Closets
Balcony
Central Air Conditioning
Elevator
Floor To Ceiling Windows
French Doors
Hardwood Floors
High Ceilings
Home Office
Live Work
Loft
Private Entrance
EXPOSURES
East
North

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Apartment Amenities

  • Balcony

Listing Agent (Seller's Representative)

Listing courtesy of Nest Seekers LLC

Pricing History

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About Little Singer Building, 561 Broadway

83

Little Singer Building, 561 Broadway has received a CityRealty Rating of 83, based on:

 
Architecture

Anything above 30 is remarkable, from 20-29 is distinguished and from 11-19 is average, while below 11 is below average.

 
Location

Anything above 27 is remarkable, from 18-26 is distinguished and from 9-17 is average, while below 9 is below average.

 
Features

Anything above 22 is remarkable, from 16-21 is distinguished and from 9-15 is average, while below 9 is below average.

Rating Summary

29
Out of 44
+
27
Out of 36
+
17
Out of 39
+
10
=
83
Out of 119
 

Architecture Rating: Points Breakdown

Exterior:
Architectural Masterpiece 8 out of 8 points
Retail Quality:
High-End 5 out of 5 points
Canopy Entrance:
Dramatic 3 out of 3 points
Alterations:
Well Done 1 out of 2 points
Plaza Or Atrium:
None 0 out of 3 points
Contextual Design:
No, but Very Good 3 out of 3 points
Skyline:
Exists 1 out of 2 points
Local Visibility:
Highly Visible 2 out of 2 points
Watertank:
Attractively Enclosed 2 out of 2 points
Airconditioners:
Allowed and Present 0 out of 2 points
Free Standing:
No 0 out of 2 points
Gargoyles:
None 0 out of 2 points
Garden:
None 0 out of 2 points
Fenestration:
Consistent 1 out of 1 points
Landmark:
Individual Designation 2 out of 2 points
Unity:
Unified Design 1 out of 1 points
Illumination:
None 0 out of 1 points
Water Element:
None 0 out of 1 points

Location Rating: Points Breakdown

Street Ambience:
Outstanding 5 out of 5 points
Distance To Neighborhood Center:
Less than 20 blocks 4 out of 5 points
Views:
Impressive 3 out of 4 points
Neighborhood Ambience:
Very Attractive 3 out of 3 points
Traffic Noise:
A lot 0 out of 3 points
Protected Views:
Only Top Floors 1 out of 2 points
Distance To Subway:
Less than 3 Short Blocks 2 out of 2 points
Firedepartment Noise:
No Noise 2 out of 2 points
Distance To Supermarket:
Less than 3 Short Blocks 2 out of 2 points
Distance To Park:
3-6 Short Blocks 1 out of 2 points
Distance To Water:
More than 6 Short Blocks 0 out of 2 points
Shopping:
5 or less Short Blocks 2 out of 2 points
Schools:
No Noise 1 out of 1 points
Noise From Nightlife:
None 1 out of 1 points

Features Rating: Points Breakdown

Lobby:
Quite Stylish 3 out of 5 points
Units Per Floor:
2 4 out of 5 points
Ceiling:
9-11 Feet 2 out of 4 points
Balconies:
Very Attractive 3 out of 3 points
Health Club:
None 0 out of 2 points
Private Gardens:
None 0 out of 2 points
Storage Rooms:
Minimal 1 out of 2 points
Bay Windows:
None 0 out of 1 points
Fireplaces:
None 0 out of 1 points
Door Person:
Yes 1 out of 1 points
Concierge:
None 0 out of 1 points
Elevator Person:
None 0 out of 1 points
Recreational Roof:
None 0 out of 1 points
Driveway:
None 0 out of 1 points
Maids Room:
None 0 out of 1 points
Catering:
None 0 out of 1 points
Garage:
None 0 out of 1 points
Mixed Use:
Yes 1 out of 1 points
Non Rectilinear Form:
No 0 out of 1 points
Unusual Layouts:
Some 1 out of 1 points
Prewar:
Yes 1 out of 1 points
Other Amenities:
None 0 out of 2 points

Building Amenities

  • Conversion Year: 1979
  • FT Doorman
  • High-Rise
  • Pre War
  • Intercom
  • Elevator

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Pros
  • Architectural masterpiece by Ernest Flagg
  • Doorman
  • Prime SoHo location
  • Very close to subway
  • Across street from Dean & DeLuca
  • Also fronts on Prince Street
  • Near many boutiques and restaurants
  • Beautiful balconies
  • Large apartments
Cons
  • No garage
  • No roof deck
  • No sidewalk landscaping
  • Considerable automobile and pedestrian traffic
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Subways

  1. N
  2. R
at Broadway 0.03 miles
  1. M
  2. B
  3. D
  4. F
  5. 6
at Houston 0.13 miles
  1. C
  2. E
at 6th Ave and Vandam 0.32 miles
  1. J
  2. Z
at Delencey 0.35 miles
  1. Q
at Broadway 0.37 miles
  1. 1
at Varick 0.43 miles
  1. A
at Thompson 0.43 miles

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