The buyer was Jenny Haim of Continental Worsteds Inc. in Manhattan, a spokesperson tells GlobeSt.com. The property sold for $374.20 per sf. The transaction occurred at a capitalization rate of 3.4%.
The property is located on the east side of Broadway and the west side of Cortland Alley between Walker and White streets. It contains approximately 29,400 sf and is fully leased to six tenants.
"394 Broadway and its twin sister, 392 Broadway, were purchased by the Baum family in 1980," says Massey Knakal chairman Robert Knakal, who exclusively represented the seller with cousins and broker Michaels and Peter DeCheser. "The buildings were passed on to the children whose strong personal ties to the property ran deep. The family decided to part with 394 Broadway and after a furious bidding process."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
