ASB Sells NoHo Office Building to Jackson Group, KSR for $42M

A 12-story, roughly 100,000-square-foot office building in Manhattan’s NoHo neighborhood has traded hands, Commercial Observer has learned.

ASB Real Estate Investments has sold 625 Broadway to Ike and Elliot Chehebar’s Jackson Group, along with Morris Sabbagh and Abraham Kassin’s KSR Capital, for $41.5 million, according to Global Advisory’s Ross Mezzo, who brokered the sale for both sides.

“New York City continues to assert its dominance as one of the most coveted investment markets globally,” Mezzo said in a statement to CO. “The latest activity underscores a powerful resurgence of confidence within the office sector. High-net-worth individuals and family offices aren’t just participating, they’re doubling down.”

Spokespeople for ASB, The Jackson Group and KSR did not immediately respond to requests for comment.

ASB bought the building on Broadway just north of Houston Street in 2012 as part of its $285 million acquisition of office and retail properties in Manhattan at the time, according to a February 2013 release. That portfolio included 625 Broadway, 400 Madison Avenue and 72-76 Greene Street.

But it seems ASB had been looking to offload those properties, as it sold 400 Madison to South Korean financial firm Daishin America for $194.5 million in 2018, and 72-76 Greene Street to Blackstone last year as part of a $197.5 million SoHo portfolio sale.

The 625 Broadway deal, which closed Wednesday, shows that there’s a “reshaping narrative around urban office investment” and that “strategic capital is flowing into New York City’s office assets with purpose and precision,” Mezzo said.

Current tenants at 625 Broadway include real estate operating company Greenbrook Partners and brand-building platform Frontify, as well as Chipotle Mexican Grill in the ground-floor retail space.

News of the recent sale comes after a bit of a buying streak for the Chehebar brothers.

In December, the Jackson Group purchased the 172,000-square-foot office building at 9 Times Square from American Strategic Investment Company for $63.5 million, as CO previously reported. Mezzo also brokered that deal.

Also in December, the Jackson Group, along with United American Land and Crown Acquisitions, bought the Macy’s store in Downtown Brooklyn at 422 Fulton Street for $23 million.

Isabelle Durso can be reached at idurso@commercialobserver.com.