Campari Group’s Holding Company Sells SoHo Property to Asian Buyer for $34M

Luxembourg-based Lagfin, the family office behind spirits giant Campari Group, has parted with its retail and residential property at 484-486 Broadway, according to city records filed Friday. The sales price was $33.5 million, records show.

The new owner, 484-486 Broadway Z, is a New York entity linked to a private Asian buyer, according to a source familiar with the deal.

PX Enterprises’ Paul Xuereb, a manager for Lagfin’s U.S. real estate acquisitions and former Tri-Star Equities vice president, signed the deed for the seller. Michael Mulia, a partner at law firm Belkin Burden Goldman, signed on behalf of the buyer. Xuereb and Mulia did not immediately respond to requests for comment.

The pair of mid-rise buildings near the corner of Broadway and Broome Street in Manhattan’s SoHo neighborhood last traded in 2022, Commercial Observer previously reported, when Lagfin’s entity paid $23.5 million to seller Vornado Realty Trust.

The 2022 deal was followed by the residential conversion of 3,200 square feet of office space at the property into apartment rentals, according to property records, as well as the ground-floor arrival of casual menswear brand Buck Mason in 2024. 

A CBRE team led by Dan Kaplan negotiated the recent sale on behalf of Lagfin, while the buyer was represented in-house. A spokesperson for CBRE did not respond to a request for comment.

The more than 30,000-square-foot buildings remain anchored by Buck Mason’s 3,250-square-foot lease across the ground level of both properties. There are currently no rental vacancies in the upper floors, according to StreetEasy. 

Emily Davis can be reached at edavis@commercialobserver.com.