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K Property Grp, Intercontinental Pay $45M for Soho Office

January 24, 2018
K Property Group and Intercontinental Real Estate Corporation acquired the office building at 30 - 32 Howard St. in New York City from Putnam Rolling Ladder Co., Inc. for $46 million, or about $1,085 per square foot.

Delivered in the 1900's, the adjacent properties are currently undergoing a gut renovation that will combine the two buildings into a single 42,407-square-foot, six-story office building. Renovations are expected to complete in the fourth quarter of 2018.

Gregory Kraut, managing partner with KPG, said, "This is a premium office and retail location in New York’s hippest neighborhood, surrounded by the trendy retail destination of Howard Street and the chic cobble-stoned charm of Crosby Street. The building truly complements and epitomizes the rapidly changing landscape of lower SoHo."

David Barreto with Cast Iron Real Estate and Alissa Marlin with Pulse International Realty represented the seller. The buyers handled the sale in-house.

Please see CoStar COMPS #4104331 for more information on this transaction.
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