HFF represents seller in $38.35 million sale of SoHo development site; Team: Scandalios, Cruz, Julien and O'Hearn

HFF has closed the sale of 325 West Broadway, a residential development site grossing 61,416 s/f in the SoHo neighborhood. HFF marketed the properties on behalf of the seller, a subsidiary of Lehman Brothers Holdings Inc. DDG purchased the land parcel for $38.35 million. The development will be situated at 325-329 West Broadway and 23-25 Wooster St. between Grand and Canal Sts. The current development plan entails a two-building, 24-unit condominium with ground-floor retail. The HFF team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz along with managing directors Jeff Julien and Kevin O'Hearn. "This property is ready for development with no entitlement or approval risk and is virtually shovel ready. SoHo has some of the strongest buyer demand of any neighborhood in Manhattan and this development undoubtedly will appeal to a broad array of condo purchasers," said Scandalios. DDG is a real estate investment and development firm specializing in the highest quality product across all property types. Based in New York, DDG has in excess of $500 million in developments underway in New York and San Francisco. Holliday Fenoglio Fowler, LP (HFF) and HFF Securities LP (HFFS) are owned by HFF, Inc. HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.