Change of ownership on Broadway in SoHo
Lagfin, the Luxembourg-based family office of the controlling family behind spirits group Campari Group, has sold its mixed-use residential and retail property at 484-486 Broadway. According to municipal property records from Friday, the sale price was 33.5 million dollars.
The new owner of the ensemble is the New York entity 484-486 Broadway Z. According to a source familiar with the transaction, the vehicle is linked to a private investor from Asia. On the seller side, Paul Xuereb of PX Enterprises, US real estate acquisitions manager at Lagfin and former Vice President at Tri-Star Equities, signed the transfer deed. For the buyer, Michael Mulia, partner at the law firm Belkin Burden Goldman, signed. Neither party immediately responded to requests for comment.
Repositioning and full occupancy support value appreciation
The two mid-rise buildings near the intersection of Broadway and Broome Street in the SoHo district last changed hands in 2022. At the time, a subsidiary of Lagfin paid 23.5 million dollars to the then vendor Vornado Realty Trust. Within a few years, the property thus recorded a notable increase in price.
Following the acquisition in 2022, around 3,200 square feet of office space was converted into rental flats, according to property records. In addition, menswear brand Buck Mason opened a shop on the ground floor of the building complex in 2024.
A CBRE team led by Dan Kaplan advised Lagfin on the sale, while the buyer handled the transaction in-house. A spokesperson for CBRE did not respond to a request for comment.
Spanning more than 30,000 square feet in total, the properties have a stable income base. Buck Mason occupies around 3,250 square feet on the ground floor across both addresses. The upper floors are also fully occupied: data from the StreetEasy platform currently indicates no vacancy for the flats in the property.
