B+B Capital picks up $10M condo at 377 Broadway

Space may become Keller Williams Downtown office, source claims
By Julie Strickland | June 24, 2014 02:40PM

Real estate investment and development firm B+B Capital, founded by Keller Williams NYC co-founders Ilan Bracha and Haim Binstock, picked up a three-level retail condominium at 377 Broadway for $10 million.

The 15,000-square-foot property, purchased from private equity fund Cooper Investment Partners, is rumored to be the possible location of Keller Williams New York’s Downtown office, a source told The Real Deal.

Bracha, acting as a KWNYC broker, represented the buyer in the transaction, while Amir Aframian and Edan Cohen of EPIC Commercial Realty represented the seller.

“377 Broadway is located in an evolving neighborhood that is becoming hotter by the minute, making this property an attractive investment opportunity,” Bracha said in a statement. “This neighborhood south of Canal Street continues to evolve with a number of new developments and storefronts. The area is still in its infancy but will continue to grow over the next couple of years.”

Situated on the corner of Broadway and White Street on the triangle below Canal Street, the building was constructed in 1920 and the condominium space is spread across three levels. The space has 4,500 square feet on the ground floor, 1,200 square feet on the mezzanine level and 9,600 square feet on the lower level. B+B plans to renovate the space and place a commercial tenant in the property, a spokesperson for the developer told TRD.

Bracha and Binstock launched B+B in 2006, and have since picked up several properties. The investor team purchased Gloria Vanderbilt’s former townhouse at 39 East 72nd Street for $19 million last month, and is developing a condominium building on the site of a former parking lot at 194-196 South Third Street in South Williamsburg.