Cofinance Group and Kings Capital <br>acquire 392 West Broadway for $21 million
Manhattan, NY Cofinance Group and Kings Capital, in a joint venture, have acquired 392 West Broadway, a five-story mixed-use property located in SoHo. The building totals 16,678 s/f and 19,315 buildable s/f, with ground-floor retail and upper-level residential and office space.
The property sold for $21 million. The joint venture purchased the asset from 392 Dirty Building Holdings LLC, a California-based seller.
The joint venture was represented by Jeffrey Znaty and George Giannopoulos from Kings Capital, and Alexandre de Montebello from Cofinance. The seller was represented by Joseph Rust of Prager Metis.
The acquisition was brokered by Bobby Carrozzo and Brett Weisblum, who facilitated the transaction. Financing for the acquisition was procured by Andrew Iadeluca of New Development Capital, who arranged the debt package supporting both the purchase and the planned condominium conversion.
Stephen Ferrara and Aaron Mazor of The Hudson Advisory Team will be leading the condominium sales and marketing.
Cofinance and Kings Capital plan to convert the existing building into an exclusive boutique luxury condominium, blending premium design with the authentic character and essence of historic SoHo.
Kings Capital brings a proven New York track record with projects including 359 West 48th St., 43 West 8th St., and 138 Joralemon St., while Cofinance adds decades of global experience with marquee assets including the 41-story residential building at 500 West 43rd St. in Hell’s Kitchen and the three-story mixed-use property at 336 State St. in Boerum Hill, Brooklyn. Together, the joint venture is positioned to deliver strong, risk-adjusted returns.