The vacant cast-iron office building at 446 Broadway in lower Soho was sold to K Property Group for $46 million. The property features 26,000 square feet of offices above a retail store with 5,231 square feet on the ground and 5,463 square feet on the lower level. The ground floor boasts 19-foot-high ceilings and is located between Grand and Howard streets.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $46,000,000.00
• Seller's Rep: Robert Aaron (Horvath & Tremblay)
• Buyer: K Property Group
• Last December, JCPenney used the space for its Jacques Penné holiday pop-up.

Nelson Lee and Robert Aaron of Marcus & Millichap represented the Hong Kong-based family sellers in the deal. K Property Group, led by Rod Kritsberg and Greg Kraut, plans to completely renovate the building, creating full floors of 6,500 square feet and smaller pre-built offices on the second, third, and fourth floors. The fifth-floor office penthouse features several large skylights and roof access. Additionally, K Property Group owns other properties in the area, including 30 Howard St., a site at 139 E. Houston St., and the former Sunshine Cinema at 143 E. Houston, all of which are involved in various stages of development.