K Property Group in contract to buy Soho building for $45M
Buyer plans to renovate 446-448 Broadway
Greg Kraut and Rod Kritsberg’s K Property Group is in contract to buy the Soho office and retail building 446-448 Broadway for $45 million, according to sources.
The 37,000-square-foot building, which sits between Grand and Howard streets, hit the market in September with a $58 million asking price. Property records indicate that the seller is a certain Wah Kwan. Marcus & Millichap’s Nelson Lee and Henri Kessler are representing the seller.
K Property Group declined to comment. The buyers plan to renovate the property, which is completely vacant, sources said. Designed by architect John Butler Snook, the building was completed in 1877.
In January, K Property bought two office and retail buildings around the corner, at 30-32 Howard Street, for $46 million. At the time, Kritsberg argued that this particular part of Soho has been insulated from the surrounding vacancy epidemic and has seen an influx of fashion retailers.
Kritsberg, a veteran of Midtown Equities, launched K Property in 2014. Kraut, formerly of Avison Young, joined him in January 2017. Last year, K Property and East End Capital paid $31.5 million for the Sunshine Cinema building in the Lower East Side.