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446 Broadway, New York, NY,...

Updated Oct 29, 2024

K Property Group Acquires 446 Broadway Office Building In Soho For $46M
SOLDOffice

K Property Group Acquires 446 Broadway Office Building In Soho For $46M

446 Broadway, New York, NY, 10013

$46,000,000

Building Size

Asset Type

Office

Closing

Nov 22, 2023

About this deal

AI

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.

Players

Robert Aaron

Horvath & Tremblay

Broker

$104.9M

vol

14 deals

Broker
PG
Property GroupBuyer

New York Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.34%

Cash-on-Cash

-0.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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