NEW YORK—Hidrock Realty has acquired 512 Broome Street, a retail property in SoHo, for $2.8 million as part of a 1031 Exchange. It’s the company’s first SoHo investment. Michael Rothstein and Eleas Mathios of Marcus and Millichap represented both Hidrock and the seller, RHS Ventures, in the transaction.

Located on Broome Street off of West Broadway, 512 Broome Street is in close proximity to galleries, cafes, restaurants and stores. The property offers 1,100 sq. ft. of ground-floor space, as well as 1,000 sq. ft. of basement space.

“The trendy hotels, great restaurants and brand-name retailers attracted Hidrock to this part of SoHo,” said Steven Hidary, principal of Hidrock Realty, who is marketing the space for lease. “For a retailer, this property would offer the unique opportunity to be located in one of the hottest areas in Manhattan and, due to its single occupancy nature, allow them to design and brand the building to meet their specific needs.”