HFF announced this week that it had closed the sale of a development site in Soho on behalf of the seller, a subsidiary of Lehman Brothers Holdings Inc., for $38.35 million. DDG Partners purchased 325 West Broadway, a residential development on the site of the former Tootsie Roll factory grossing 61,416 square feet. The Commercial Observer noted that a spokesperson confirmed that it was an all-cash acquisition.
The current development plan includes a two building property with ground-floor retail, situated at 325-329 West Broadway and 23-25 Wooster Street. According to a Curbed NY report, the developer plans to break ground on a luxury building within 60 days.
"This property is ready for development with no entitlement or approval risk and is virtually shovel ready. Soho has some of the strongest buyer demand of any neighborhood in Manhattan and this development undoubtedly will appeal to a broad array of condo purchasers," said HFF senior managing director Andrew Scandalios.
Fore more news and information visit Blumberg Capital Partners.
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