Smadbeck and Burton of Massey Knakal handle $15.6 million sale of 78 Grand Street

78 Grand St., a mixed-use loft building located between Wooster and Greene Sts. in the SoHo Cast Iron Historic District, was sold in an all-cash transaction valued at $15.6 million. The five-story elevator-serviced former co-op building contains 11,975 s/f and sits on a 25' x 100' lot. It consists of a ground floor retail space and four full-floor upper lofts in excess of 2,000 s/f each. The retail tenant had a short lease term remaining and was paying a substantially below-market rent. "At roughly $1,300 per s/f for an essentially non-stabilized building, this transaction demonstrates the continued strong demand for well-located property in SoHo," said Massey Knakal's Paul Smadbeck, who exclusively handled this transaction with colleague Robert Burton. "When both the buyer and the seller want to get a transaction done, things progress smoothly. Both parties in this sale were very pleasant and worked together to accomplish the sale in a very timely manner."