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CoFinance Group And Kings Capital Acquire Mixed-Use Property In Soho For $21 Million

Property Image
SOLD
$21,000,000
Michael Gembecki
Brett Weisblum
+ 3

New York

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Mixed-use16,678 SF
Sold 08/14/2025
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Property Image
SOLD

CoFinance Group And Kings Capital Acquire Mixed-Use Property In Soho For $21 Million

392 West Broadway

See Similar Deals
Mixed-use16,678 SF
Sold 08/14/2025
Michael Gembecki
Brett Weisblum
+ 3
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,259
Total Square Footage:16,678 SF
Transaction Type:Sale

The property asset involved in this transaction is a mixed-use building located at 392 West Broadway in Soho, Manhattan. It was sold for a price of $21,000,000 and features a total square footage of 16,678, which results in a price per square foot of $1,259.

Summary of transaction details:

The parties involved in this deal include a joint venture directed by CoFinance Group and Kings Capital, who are planning to convert the existing building into an exclusive, luxury boutique condominium. The seller's representation was managed by a team from Cushman & Wakefield, highlighting their role in facilitating this high-value transaction.

Players

Michael Gembecki
33 deals$437.7M volume(212) 660-7743
BROKER

Brett Weisblum
Cushman & Wakefield
16 deals$142.5M volume
BROKER

Robert Burton
Cushman & Wakefield
34 deals$615.4M volume
BROKER

Bobby Carrozzo
Cushman & Wakefield
35 deals$432.1M volume
BROKER

Evan Lush
Cushman & Wakefield
9 deals$126.1M volume(212) 318-9769
BROKER

Cushman & Wakefield
BROKERAGE





Details

SOLD
IMAGE: Alex de Montebello, Jeff Znaty, George Giannopoulos, Michael Gembecki, Bobby Carrozzo, Brett Weisblum, Robert Burton & Evan Lush DATE: 8/14/2025 ADDRESS: 392 West Broadway MARKET: Soho, Manhattan ASSET TYPE: Mixed-use BUYER: Alex de Montebello - CoFinance Group; George Giannopoulos (@George___Giannopoulos) & Jeff Znaty - Kings Capital (@KingsCapitalRE) SELLER'S REP: Bobby Carrozzo (@Bobby_Carrozzo), Michael Gembecki, Brett Weisblum (@Brett_Weisblum), Evan Lush (@Evan_Lush) & Robert Burton (@Downtown_Soho_Investment_Sales) - Cushman & Wakefield (@CushWake) SALE PRICE: $21,000,000 SF: 16,678 ~ PPSF: $1,259 NOTE FROM SELLER'S REP: Cushman & Wakefield is pleased to announce the sale of 392 West Broadway in SoHo. The property was purchased by a joint venture led by CoFinance Group and King's Capital, where the sponsors plan on converting the existing building to an exclusive, luxury boutique condominium.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,120,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56