Deals & development · 11/09/2026, 1:38 PM
SoHo mixed-use building sells for $33.5 million
A Manhattan firm sold a mixed-use building in SoHo for $33.5 million, Crain's New York reports. The property has a retail tenant, Buck Mason, and an office tenant, Fred Perry. The available text does not name the buyer, the seller or the building's address.
Reported by Crain's New YorkRead the original ↗
What happened
A pair of mixed-use buildings at 484-486 Broadway in SoHo, Manhattan, has been sold for $33.5 million. Commercial Observer reported on 11/09/2026 that city records filed the previous Friday show the sale. Crain's New York reported the same $33.5 million price on 11/09/2026. Commercial Observer's headline rounded the figure to $34 million.
Commercial Observer says the seller is Lagfin, a Luxembourg-based family office behind Campari Group. Crain's headline describes the seller as a Manhattan firm. Commercial Observer says the buyer is 484-486 Broadway Z, a New York entity that a source linked to a private Asian buyer. Paul Xuereb of PX Enterprises signed the deed for the seller. Michael Mulia of the law firm Belkin Burden Goldman signed for the buyer. A CBRE team led by Dan Kaplan represented Lagfin. The buyer was represented in-house.
According to Commercial Observer, Lagfin bought the property from Vornado Realty Trust in 2022 for $23.5 million. After that purchase, 3,200 square feet of office space was converted into rental apartments, according to property records. Menswear brand Buck Mason moved into the ground floor in 2024.
The two mid-rise buildings sit near Broadway and Broome Street and total more than 30,000 square feet. Buck Mason holds a 3,250-square-foot lease across the ground floor of both buildings. Commercial Observer, citing StreetEasy, says there are no current rental vacancies on the upper floors. Crain's also names Fred Perry as an office tenant. Commercial Observer describes the property as retail and residential.
Key facts
- Address
- 484-486 Broadway, SoHo, Manhattan, near Broadway and Broome Street
- Sale price
- $33.5 million, per city records reported by Commercial Observer
- Seller
- Lagfin, Luxembourg-based family office behind Campari Group (per Commercial Observer)
- Buyer
- 484-486 Broadway Z, a New York entity linked to a private Asian buyer, per a source cited by Commercial Observer
- Previous sale
- $23.5 million in 2022, bought from Vornado Realty Trust
- Size
- More than 30,000 square feet across two buildings
- Conversion
- 3,200 square feet of office space converted to rental apartments after the 2022 purchase
- Tenants
- Buck Mason (3,250 sq ft ground-floor retail, since 2024); Crain's also lists Fred Perry as office tenant
What it means
Tenants and voucher holders
Residents of the apartments at 484-486 Broadway now have a new owner. Commercial Observer reports the upper floors are fully rented. The reports do not say anything about changes for current renters.
Buyers and owners
The property sold for $10 million more than its 2022 price of $23.5 million. That followed a partial office-to-apartment conversion and a new ground-floor retail lease. The material does not show the seller's costs, so the actual profit is not known.
Landlords
This is a large Manhattan deal, not a typical small-landlord sale. It is one data point showing a buyer paying more for a building where some office space became rental apartments.
The highlights
- The building's retail tenant is clothing brand Buck Mason.
- Fred Perry occupies office space in the property.
Why it matters Landlords
The sale is a data point on how investors value leased retail and office buildings in SoHo.
Not known yet
- How many apartments the buildings contain and whether any are rent-stabilized
- What the new owner plans for the property and its tenants
- Who is behind the buyer entity, beyond the description of a private Asian buyer
- Whether Fred Perry still leases office space, since the two outlets describe the property's uses differently
Background
In New York City, property sales are recorded with the Department of Finance and can be looked up in its online ACRIS system. A sale of a residential building does not by itself cancel existing leases, and a selling landlord is generally required to transfer tenants' security deposits to the new owner. Owners of residential buildings with three or more units must register the property with HPD, so a new owner is expected to file an updated registration.
Also drawn from: Campari Group’s Holding Company Sells SoHo Property to Asian Buyer for $34M (Commercial Observer)
Summary written by Bulwark from Crain's New York’s reporting. The original story is at crainsnewyork.com. This is general information, not legal advice.
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