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| 325 West Broadway, SOHO, Manhattan |
NEW YORK, NY – HFF announced today that it has closed the
sale of 325 West Broadway, a residential development site grossing
61,416 square feet in Manhattan’s Soho neighborhood.
HFF marketed the properties on behalf of the seller, a
subsidiary of Lehman Brothers Holdings Inc.
DDG purchased the land parcel for $38.35 million.
The development will be situated at 325-329 West Broadway
and 23-25 Wooster Street between Grand and Canal Streets in downtown
Manhattan. The current development plan
entails a two-building, 24-unit condominium with ground-floor retail.
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| Andrew Scandalios |
The HFF team representing the seller was led by senior
managing directors Andrew Scandalios and Jose Cruz along with
managing directors Jeff Julien and Kevin O’Hearn.
“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,” commented Scandalios.
DDG is a real estate investment and development firm
specializing in the highest quality product across all property types. Based in New York, DDG has in excess of $500
million in developments underway in New York and San Francisco.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |
www.hfflp.com
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