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Eastern Consolidated Sells Two Soho Properties for $22M

NEW YORK CITY-The Witkoff/Praedium partnership unloads two mixed-use properties in Soho for more than $22 million. The partnership had picked up the properties as part of a larger deal in March of 2000.

By Barbara Jarvie | Updated on September 11, 2003

NEW YORK CITY-Eastern Consolidated Properties has sold two mixed-use properties in Soho for a combined total of more than $22 million. The sale of 470 Broome St. and 72-76 Greene St. is the firm’s second Soho transaction on behalf of a partnership between the Witkoff Group and the Praedium Group. In March of 2000, the Witkoff/Praedium partnership purchased a package of ten Soho properties including 470 Broome Street and 72-76 Greene Street from Rava Management.

470 Broome consists of four residential units, 10,500 sf of upper floor commercial space and a large ground floor corner retail component divided into three separate stores. Two of the stores, including the corner store with frontage on Broome and Greene Streets, were vacant at closing. 72-76 Greene also has four residential units plus just under 15,000 sf of upper floor commercial space. The two ground floor stores have 75 feet of Greene Street frontage just south of Spring Street. One of the stores has been leased to an antiques dealer for many years and the other, recently leased to Bagutta, an international luxury clothing and accessories retailer.

According to Brian Ezratty, a principal at Eastern who handled all of the transactions, “The Witkoff team is a cohesive group of real estate professionals that have, under Steve’s (Witkoff”s)leadership, placed the company among the top property owners, managers and developers in the city. Scott Alper was instrumental in getting all of the Soho deals across the finish line.”

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