HFF Brokers $38.4 M. Sale of Soho Development Site
Carl Gaines Oct. 15, 2012, 3:19 p.m.
HFF has completed its marketing of the residential development site at 325 West Broadway in Soho. DDG Partners bought the site for $38.4 million in a deal that closed September 24, according to an HFF spokesperson.
The seller was One William Street Capital Management, a subsidiary of Lehman Brothers Holdings.
A phone call to DDG wasn’t returned in time for publication, but the real estate investment and development firm plans to develop the 61,416 square foot site into two, 24-unit condominiums with retail on the ground floor, according to Crain’s.
A spokesperson confirmed that it was an all-cash acquisition.
Two buildings currently on the site, which is a former Tootsie Roll factory, will be demolished.
Senior managing directors Andrew Scandalios and Jose Cruz headed HFF’s team on the deal. Managing directors Jeff Julien and Kevin O’Hearn also participated.
“This property is ready for development with no entitlement or approval risk and is virtually shovel ready,” Mr. Scandalios said. “Soho has some of the strongest buyer demand of any neighborhood in Manhattan and this development undoubtedly will appeal to a broad array of condo purchasers.”
Update: Upon further investigation The Commercial Observer has discovered that One William Street Capital Management was not the seller of 325 West Broadway nor was One William Street Capital Management ever a subsidiary of Lehman Brothers. The Commercial Observer regrets the error. A spokesman also confirmed that One William Street was never involved in the transaction.