Pan Brothers Purchase 1145 Broadway

May 7, 2015
Pan Brothers Purchase 1145 Broadway from Richmond Properties

After a year and a half on the market, 1145 Broadway has been sold.  While Richmond Properties originally listed the five-story building for $9.3 million, Pan Brothers Associates closed on the property for $8.9 million. It’s still quite a profit for Richmond, which paid $75,000 in 1978 for the property, according to CoStar Group.  The Pan Brothers own and manage buildings in some of the most popular neighborhoods in the city, including Soho, Williamsburg and along the High Line.

Indicative of the hot NoMad market, a slightly larger property on the very same block at 1151-1153 Broadway sold last year about this time.  That 9,900-square-foot property closed for $11.3 million, or $1,140 per square foot.

Originally built in 1925, 1145 Broadway features 1,500 square feet of ground floor retail space. Floors two through five contain office and commercial space.

It is not yet known what the Pan Brothers intend to do with the property. The building remained vacant during its time on the market, which may suggest that the Pan Brothers will try to redevelop, resell or fold it into a larger parcel along that block of Broadway. We’ll be on the lookout for new developments in the situation.