Soheil Khayyam Acquires Mixed-Use Property From In SoHo For $58 Million

The asset involved in this sale is a mixed-use property located at 68-74 Thompson Street in the SoHo market of Manhattan. The transaction was completed for a total amount of $58,000,000, covering a square footage of 35,751 and achieving a price per square foot (PPSF) of $1,622. The cap rate for this transaction was recorded at 4.7%, while the price per unit (PPU) stood at $805,555.

Summary of transation details:

• Property Type: Mixed-use
• Transaction Amount: $58,000,000
• Address: 68-74 Thompson Street
• Market: SoHo, Manhattan
• Square Footage: 35,751
• Price per Square Foot: $1,622
• Cap Rate: 4.7%
• Price per Unit: $805,555
• Buyer: Soheil Khayyam
• Seller:
• Broker Representatives: Joseph Koicim, Logan Markley, Peter Dodge & Paige DeMutis - Marcus & Millichap

The transaction was facilitated through the longstanding relationships of the brokerage team with ownership groups and active buyers. Joe Koicim led the process, advising the buyer on a 1031 exchange, which allowed for an expedited closing within 30 days at a 4.7% cap rate. This was an off-market transaction, aligning with the needs of both the buyer and seller.