Built for an Italian men’s club in 1919, complete with a gym, boxing ring, and private social/supper club space, the ornate “Garibaldi Hall” at 435/443 Broadway, which is now on the market, has a storied history to tell.
The roughly 12,000-square-foot building was sold to the Caballeros de Dimas-Alang, a Filipino fraternal organization, in 1945. And in the early 1970’s, Ness Aquino opened Mabuhay Gardens, a Filipino restaurant and nightclub, on the building’s second floor.
In 1976, Ness inked agreements with promoters Dirk Dirksen and Jerry Paulsen to start booking punk rock and new wave bands into the venue. And “The Fab Mab” was soon the venue of choice for the likes of the Dead Kennedys, Black Flag, Iggy Pop, the Ramones (with Robin Williams as their opener), Devo, Motorhead and Metallica (circa 1982).
Priced at $9.75 million in 2019, which didn’t include the liquor licenses for FAME and Broadway Studios, the asking price for the building was dropped to $7.85 million in 2020 and then raised to $8.35 million last year. And with the asking price for the property, which has been seismically retrofitted and is slated to be delivered vacant, having been reduced to $7.5 million, the building is now being offered at $511 per square foot, per its listed square footage, which is “below [an] estimated replacement cost of [approximately] $750 per [square foot]” for the building, as were all the previous list prices.
Also noted in the revised marketing materials for 435/443 Broadway, “there is also development potential” as “[t]he adjacent parking lot at 425 Broadway was [recently] approved for 42 residential units” along with new retail and office space.