Billionaire Retailer Isak Andic Buys SoHo’s 56 Crosby Street for $27M
By Isabelle Durso October 2, 2024 1:43 pm
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Spanish billionaire Isak Andic has purchased a retail property in SoHo for $26.9 million, according to city records made public Tuesday.
Andic’s real estate company Punta Na bought the 19,760-square-foot retail condominium at 56 Crosby Street, also known as 512 Broadway, from Invesco Real Estate (IVZ), records show. Punta Na completed the sale through the entity Punta Na Broadway, while Invesco used the entity Invesco Immobilien Fonds IV U.S. Partners.
Real estate attorney Susanne Zabloudil of DLA Piper signed for the buyer, and Invesco’s Stephanie Holder signed for the seller, records show.
A spokesperson for Invesco declined to comment, while a spokesperson for Punta Na could not be reached for comment. It’s unclear who brokered the sale. PincusCo first reported the deal.
Isak Andic made his fortune by founding the fast-fashion brand Mango in 1984. The retailer — which Andic currently serves as non-executive chair of the board — has been retrying to make a push in the U.S. after opening a flagship at 711 Fifth Avenue in 2022 and is planning to open 30 more stores in the country by 2026, Forbes reported.
Invesco bought the 1882-built SoHo retail property between Spring and Broome streets from Thor Equities in 2010 for $55 million, as Commercial Observer previously reported.
The retail space was occupied by British clothing store All Saints at the time of purchase, and the upper floors were converted into luxury residential condos in 2001.
The current tenant of 512 Broadway is Australian fashion brand Cotton On, which signed a 20,000-square-foot lease in February 2023 to open its first Manhattan store there, as CO reported.
And it seems SoHo is a hot spot for new sales. London-based BNF Capital recently bought Squire Investments’ retail and residential building at 43 Crosby Street for $20.8 million, while San Francisco-based Spear Street Capital bought the luxury retail and office building at 446 Broadway from KPG Funds for $52 million.
Isabelle Durso can be reached at idurso@commercialobserver.com.
