Commercial real estate firm Emmes Asset Management is in contract to sell a mixed-use Noho building to investor Eli Cohen at 623 Broadway for $56 million in an off-market deal.
Emmes had acquired five-story, 37,869-square-foot building, between Houston and Bleecker streets, from Japanese-owned firm ISE Realty Group for nearly $42 million last year, as The Real Deal reported. The seller.
Chase Bank occupies the ground-floor space at the building. The tenant’s 25-year lease had a purchase option if the property was converted to a condominium or co-op site, but Emmes altered the lease prior to Cohen signing the contract, the newspaper said. [NYP, 3rd] — Mark Maurer