Michael Ferrara of Manhattan-based investment sales brokerage firm Highcap Group arranged the sale of a 12,500 s/f loft building in the SoHo Cast Iron Historic District. The property, 10 Greene St. located between Grand St. and Canal St., sold for $14.45 million. Ferrara represented the buyer, Javeri Capital and the seller, a long-term family ownership on this transaction.
The property was built in 1869 by John Snook and is situated on the highly trafficked retail hub, Greene St. in SoHo. A classic cast-iron façade with 28' of frontage, the property has 12,500 s/f and an additional 1,500 s/f of air rights and boasts high ceilings throughout. The ground floor is currently occupied by retail tenant "Real McCoy's" and floors two through five are vacant. The property was family owned and managed for over 40 years.
Ferrara said, "Considering its legacy the family wanted to ensure the best future for the building. Strategically introducing the right buyer to the family was the first step in a several month long negotiation and Javeri was able to execute on his words. The parties were extremely comfortable with each other and every one walked away pleased at the closing table." Tags: