150 East Broadway Changes Hands for $4.45M
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The sale of 150 East Broadway was topic of conversation back in the fall. Residents had reportedly received word that the landlord was cashing out, yet no such transaction was confirmed at the time. However, four months later, the talk turned true.
The initial intel suggested that the landlord was asking if tenants would accept buyouts since new ownership was coming in. While we’re unsure how many stayed or vacated, we now know that the five-story tenement building did in fact change hands. According to public records, Michael Edelman and Parag Sawhney of real estate investment firm Penn South Capital purchased the property last month for $4.45 million.
150 East Broadway represents the second purchase in the area for Penn South Capital behind 215 East Broadway last year ($5.3 million). The latter property is currently undergoing total rehabilitation.
On the ground level, meanwhile, the commercial space of 150 East Broadway is being touted as available. Leasing signage in the window.