News: Brokerage

Segall and Masi of RKF arrange $18.75 million sale

RKF arranged the $18.75 million sale of a 5,700 s/f mixed-use property located at 497 Broome Street in SoHo. RKF investment sales professionals managing director Brian Segall and associate Chris Masi represented the buyer, John Dee Corp., and the seller on this transaction, as part of a 1031 exchange. The sale officially closed on February 23, 2015. Located on the south block between West Broadway and Wooster Streets, the former home of The Original Teddy Bear factory consists of 1,200 square feet of ground floor retail space and 4,500 square feet of office space. The building recently underwent renovations to restore the exposed brick and wood finishes and is one of the few recent office redevelopments in the area. The retail component will soon be occupied by Korean lifestyle and fashion brand Zazen Bear. RKF recently arranged the disposition of the Met Food Supermarket building at 197-205 Smith Street in Cobble Hill for John Dee Corp. last December, and according to Mr. Segall, this facilitated the buyer's 1031 exchange. "This building was the right fit for the buyer's investment criteria, as the company is seeking to acquire recently renovated, well-located assets in Manhattan," Mr. Segall added. "New ownership will benefit from major improvements to the property and recent leasing efforts." Originally built in 1900, the four-story building at 497 Broome Street is situated in close proximity to the Canal Street A, C and E trains as well as the West Broadway shopping corridor. Nearby retail tenants include Isabel Marant, Oliver Peoples, Gourmet Garage, and Ladurée.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking