Levy of Cornerstone Property Grp. sells 6-story building for $28.5m

The Kochendorfer Building, a 6-story loft building at 413-15 West Broadway, traded hands for $28.5 million all cash.  Edmond Levy with Cornerstone Property Group, Inc., was the sole broker in the transaction.   The building, located on West Broadway between Prince and Spring Sts., was originally built as two 25 footers, but was gut renovated with the floors being combined by the Kochendorfer family, who had owned the property for over 70 years.  Originally a factory, the building evolved with the neighborhood and has become a landmark. Tenants include a high end art galley named "Jamali" and the European clothing store chain "Oska" on the ground floor.  The upper floors are occupied by fashion tenants such as "Been Pole," "Leon Max," as well as "Sharon's Sorbet" amongst others.  Two IMD tenants occupy the top floor. The ownership of the building started to consider offers in early 2008 and had received multiple bids from local and international buyers for a span of six months. The property went into contract and closed in 60 days in an all cash transaction. The seller, 413 West Broadway Corp., was represented by Edward Gasthalter, Esq. and the purchaser, Willwest Holdings, LLC, by the Law offices of Gallagher & Matthews.