The vacant cast-iron office building at 446 Broadway in lower Soho was sold to K Property Group for $46 million on Thursday.
K Property, led by Rod Kritsberg and Greg Kraut, intends to entirely update the building, which has loft-style open floors and large bay windows.
Located between Grand and Howard streets, the property has 26,000 square feet of offices above a retail store with 5,231 square feet on the ground and 5,463 square feet on the lower level. The ground floor has 19-foot-high ceilings.
Last December, JCPenney used the space for its Jacques Penné holiday pop-up.
Nelson Lee and Robert Aaron of Marcus & Millichap represented the Hong Kong-based family sellers. The contract was first reported by the Real Deal in May.
Once renovated, full floors of 6,500 square feet and smaller pre-built offices will be created on the second, third and fourth floors. The fifth-floor office penthouse has several large skylights and roof access.
“Soho retailers are now trending to the south and east, so this building is in what is now the most desirable area,” Kraut said.
K Property also owns 30 Howard St. around the corner, along with a site at 139 E. Houston St., which is under construction. The company also owns the former Sunshine Cinema at 143 E. Houston, which is being redeveloped as well.
