NEW YORK CITY-It’s official: a joint venture of the Kushner Cos. and Los Angeles-based CIM Group have closed on 200 Lafayette Street, a seven-story property in the Cast Iron District of SoHo, for $50 million. The building, located on the northwest corner of Broome and Lafayette Streets, will be renovated and converted for office and retail use.

“It’s such a wonderful building with so much vacant,” says Robert Burton, senior vice president of sales at Massey Knakal Realty Services, who exclusively handled the transaction for the seller John Zaccaro. “There’s so much potential in that building.”

Both CIM and Kushner are planning to repurpose the building into a class A, LEED-certified office and retail property, which is scheduled to begin later this year. Currently, Capital One Bank occupies 4,500 square feet of ground floor retail, and 16,500 square feet of retail and approximately 100,000 square feet of rentable office space are available.