Cohen of Itzhaki Properties reps buyer in $31 million sale of SoHo retail condo; Aframian of Itzhaki reps seller; Located at 501 Broadway

Itzhaki Properties has brokered the sale of a SoHo retail condo for $31 million. The block-through retail condo located at 501 Broadway (aka 72 Mercer St.) between Spring & Broome Sts. recently traded hands in an off-market transaction. The property consists of 3,800 s/f on the ground floor, a 4,800 s/f basement and a 500 s/f sub-basement for storage. The deal works out to $3,400 per s/f including the basement. The space is currently occupied by a local chain "Necessary Clothing" and is located on a retail corridor that includes such tenants as Bloomingdales, Old Navy, Hilfiger Denim, Swarovski Crystallized, Puma, Chase, Club Monaco, etc. Edan Cohen, director of investment sales at Itzhaki, represented the purchaser, Vornado Realty Trust, and Amir Aframian, director of investment sales at Itzhaki, represented the seller, a local real estate investor.