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sak Andic's real estate company, Punta NA, has acquired a retail condo at 512 Broadway in Soho for $26.9 million. The property was purchased from Invesco, which had bought it 14 years ago for $55 million. This represents a significant discount of nearly half the original price.

    The 19,000-square-foot commercial condo is currently occupied by Cotton On, an Australian fashion and lifestyle store with nine more years remaining on its lease. The sale was arranged by a Newmark team led by Brett Siegel and Ariel Schuster.

    The deal highlights the complexities of the current retail market. While the 5.9 percent cap rate suggests strong demand for pricing, it also represents a painful loss for Invesco. Many properties purchased at or near the peak of the last cycle are now trading at significantly lower prices.

    Isak Andic, founder of Spanish fashion chain Mango and net worth of $5 billion, has transformed his holding company into a real estate investment vehicle with a portfolio valued at 1.2 billion euros as of early 2022.