SoHo's Prince Building Sells for $87.5M

NEW YORK CITY-The Prince Building in SoHo, the only Manhattan asset of Boston-based REITs Shelbourne Properties I, II and III, is now officially the property of a partnership between three New York real estate families doing business as Allied Partners.

Located at 568 Broadway at the corner of Prince Street in SoHo, the 12-story building is a turn-of the century landmark. The $87.5-million deal was first hammered out in late October, with Insignia/ESG brokers on both sides of the transaction working through the night to come up with a contract. (Read earlier story.)

The buyers of the 325,000-sf brick and terra cotta structure include members of the Hadar, Cayre and Adjmi families, who were represented in the acquisition by Insignia’s Kenneth Zakin. Yoron Cohen, Richard Baxter. Kevin Haggarty, also of I/ESG, negotiated on behalf of the Shelbourne REITs.