The Real Deal New York

Two Soho buildings trade for $27M

September 08, 2008 05:13PM
By Adam Pincus

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Italian fashion designer Alberto Makali paid $8.97 million for a five-story loft building at 75 Greene Street while a former software developer paid $18 million for a loft building at 496 Broadway. Both buildings were in Soho’s cast iron district.

Makali bought the approximately 10,000-square-foot building near Sullivan Street from the Dorcel Corporation. It is currently unoccupied, but Makali plans to rehabilitate it and offer it for rent this fall, said Simon Jahan, property manager for Makali.

The first floor unit will be leased as retail space and the upper floors as offices. The building will not be occupied by Makali’s company, Jahan said.

The sale closed August 29, according to property records published today.

Two blocks east on Broadway near Broome Street, a company called Idylwood NY bought a five-story loft building from 496 Broadway Realty for $18 million, an $8 million increase from its sale price one year earlier. The first floor is occupied by a jewelry store.

A partner of Dallas-based Idylwood is Kevin Crowder, a co-founder of software developer Altsys, a firm that was later purchased by Macromedia.

The sale closed on August 28, according to property records published Friday.

In May, 2007, 496 Broadway Realty of Queens bought the building from Manhattan-based Wo Yee Hing Realty for $10 million.

Idylwood assumed a $6 million loan held by the sellers and took out an additional $7.5 million for a combined mortgage of $13.5 million from Bank of America, city records showed.

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