{"id":1004668923,"date":"2023-06-22T01:36:03","date_gmt":"2023-06-22T09:36:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004668923"},"modified":"2023-06-22T01:36:04","modified_gmt":"2023-06-22T09:36:04","slug":"hsr-corp-lands-58m-for-manhattan-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/","title":{"rendered":"HSR Corp. Lands $58M for Manhattan Office Building"},"content":{"rendered":"
\"503-511<\/a>

503-511 Broadway. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

HSR Corp.<\/strong> has obtained $58 million for the refinancing of a 140,000-square-foot Class A office property in New York City’s Manhattan. Morgan Stanley<\/strong> provided the five-year, fixed-rate loan on a full-term interest-only basis.\u00a0Black Bear Capital Partners<\/strong>, a subsidiary of Black Bear Asset Management<\/strong>, arranged the financing.<\/p>\n

HSR has owned the property, that came online over a century ago, since 1982. The building is fully leased to tenants that include AWAY Travel, which committed to 56,000 square feet of space<\/a> in 2018, PacSun and Bath & Body Works. The majority of the contracts extend through 2027,\u00a0while the property has a weighted average lease term of 4.5 years.<\/p>\n

\n

READ ALSO:<\/strong> Leasing Activity Animates Slow Manhattan Office Market<\/a><\/p>\n

\n

Situated in SoHo at 503-511 Broadway, between Spring and Broome streets, the building comprises 111,164 square feet of office space and 10,000 square feet of ground-floor retail, with the remainder of the space dedicated to storage. The property features 125 feet of street frontage along both Broadway and Mercer Street and flexible 25,000-square-foot floorplates.<\/p>\n

The building also includes a retail condominium component that is not part of the collateral. Fashion company and Zara parent Inditex acquired it in 2015, in a $280 million deal.<\/p>\n

Black Bear COO & Managing Partner Bryan Manz, Senior Managing Partner Emil DePasquale and Associate George Pektor worked on the deal. Manz said, in prepared remarks, the deal stands out amid a volatile market where obtaining financing has been difficult.<\/p>\n

Manhattan’s office market continues to struggle with redefining itself in the post COVID-19 era. The borough’s vacancy rate clocked in at 17.0 percent in May, according to a recent CommercialEdge report<\/a>, up 20 basis points over the month.<\/p>\n","protected":false},"excerpt":{"rendered":"

Morgan Stanley provided the fixed-rate loan.<\/p>\n","protected":false},"author":3154,"featured_media":1004668958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[50368,52067,32774],"class_list":["post-1004668923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-black-bear-asset-management","tag-hsr-corp","tag-morgan-stanley"],"acf":[],"yoast_head":"\nHSR Corp. Lands $58M for Manhattan Office Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"HSR Corp. has obtained $58 million in financing from Morgan Stanley for a Class A office property in SoHo.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HSR Corp. Lands $58M for Manhattan Office Building\" \/>\n<meta property=\"og:description\" content=\"HSR Corp. has obtained $58 million in financing from Morgan Stanley for a Class A office property in SoHo.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-22T09:36:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-22T09:36:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/503-511-Broadway-e1687421087711.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"627\" \/>\n\t<meta property=\"og:image:height\" content=\"470\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fotios Tsarouhis\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/\",\"name\":\"HSR Corp. Lands $58M for Manhattan Office Building - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/503-511-Broadway-e1687421087711.jpg\",\"datePublished\":\"2023-06-22T09:36:03+00:00\",\"dateModified\":\"2023-06-22T09:36:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/98b17361e75363c0b179f1a51ccb5cc8\"},\"description\":\"HSR Corp. has obtained $58 million in financing from Morgan Stanley for a Class A office property in SoHo.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/503-511-Broadway-e1687421087711.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/503-511-Broadway-e1687421087711.jpg\",\"width\":627,\"height\":470,\"caption\":\"503-511 Broadway\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"HSR Corp. Lands $58M for Manhattan Office Building\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/98b17361e75363c0b179f1a51ccb5cc8\",\"name\":\"Fotios Tsarouhis\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g\",\"caption\":\"Fotios Tsarouhis\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/fotios-tsarouhis\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"HSR Corp. Lands $58M for Manhattan Office Building - Commercial Property Executive","description":"HSR Corp. has obtained $58 million in financing from Morgan Stanley for a Class A office property in SoHo.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/","og_locale":"en_US","og_type":"article","og_title":"HSR Corp. Lands $58M for Manhattan Office Building","og_description":"HSR Corp. has obtained $58 million in financing from Morgan Stanley for a Class A office property in SoHo.","og_url":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2023-06-22T09:36:03+00:00","article_modified_time":"2023-06-22T09:36:04+00:00","og_image":[{"width":627,"height":470,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/503-511-Broadway-e1687421087711.jpg","type":"image\/jpeg"}],"author":"Fotios Tsarouhis","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/","url":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/","name":"HSR Corp. Lands $58M for Manhattan Office Building - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/503-511-Broadway-e1687421087711.jpg","datePublished":"2023-06-22T09:36:03+00:00","dateModified":"2023-06-22T09:36:04+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/98b17361e75363c0b179f1a51ccb5cc8"},"description":"HSR Corp. has obtained $58 million in financing from Morgan Stanley for a Class A office property in SoHo.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/503-511-Broadway-e1687421087711.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/503-511-Broadway-e1687421087711.jpg","width":627,"height":470,"caption":"503-511 Broadway"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/hsr-corp-lands-58m-for-manhattan-office-building\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"HSR Corp. Lands $58M for Manhattan Office Building"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/98b17361e75363c0b179f1a51ccb5cc8","name":"Fotios Tsarouhis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7680ec8567fd1f6a07604ad4f435f9eb4b13d2207b806ff39806cbcb09d41abe?s=96&d=mm&r=g","caption":"Fotios Tsarouhis"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/fotios-tsarouhis\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/503-511-Broadway-e1687421087711.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004668923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3154"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004668923"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004668923\/revisions"}],"predecessor-version":[{"id":1004668978,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004668923\/revisions\/1004668978"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004668958"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004668923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004668923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004668923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}