Goldflam and Chang of Highcap Group sell SoHo properties: $11.2 million

 

 

Manhattan, NY Josh Goldflam, co-founder and principal of Manhattan based commercial real estate firm Highcap Group, along with senior broker Charles Chang have arranged the sale of 33 & 35 Howard St. The buildings are located in the SoHo neighborhood and sold for $11.2 million in an all-cash deal. The seller was the Spitzer Family who has owned the properties for 45 years, and the buyer was landlord and developer Javeri Capital.

The properties are on the south side of Howard St. between Broadway and Crosby St. The two buildings have 50 ft. of frontage near the intersection of Crosby St. with a total of 16,000 s/f and additional air rights for future development. 33 Howard consists of three stories that has been entirely used for commercial and retail use. 35 Howard has been used as retail and commercial on the bottom two floors and has three residential full floor lofts on floors three through five.

The buildings are best known as the former home of popular clothing retailer Opening Ceremony who occupied the entire building at 33 Howard and two lower floors in 35 Howard for nearly two decades. The retail and commercial portions of both buildings were delivered vacant to the new buyer. The upper three residential floors in 35 Howard remain occupied.

The total sale price of $11.2 million equates to $700 per existing s/f.

Goldflam said, “This deal was agreed to and signed at a time when COVID was still terrorizing the downtown real estate market, particularly retail properties in Soho. When buyers and brokers look back in the future at distressed COVID sales, this property will be sure to come to mind. The buyer was able to purchase these assets at a very attractive price per square foot which will enable him to reinvest in the buildings to get them leased up and turned around. These particular buildings are very important to the southern Soho retail explosion and specifically to Howard St., when retailer Opening Ceremony opened their doors in 2002. This location was able to draw massive local and tourist foot traffic which pushed other retailers further south into Soho and closer to Canal St. They successfully operated in this locaiton for 18 years until closing in early 2020.”

The buyer, Javeri Capital is active in the SoHo neighborhood with projects such as 23-25 Greene St., 26 Greene St., 19-21 Greene St., and 115 Mercer St., and 51 Spring St. Back in 2014, Highcap Group sold Javeri Capital 10 Greene St. which was later converted into condominiums.