building is in a prime location on the burgeoning retail corridor of Broadway in close proximity to Bloomingdale’s department store, Banana Republic as well as several other major national retailers and The SoHo Grand Hotel.

The buildings at the corner of Broome and Mercer are in a prime location, near the new 40 Mercer hotel, exclusive restaurants, designer shopping and art galleries. 448 Broome Street is a cast-iron building designed by Frederick Clark Withers in 1871, and is the only building in SoHo that reflects the High Victorian Gothic style.

Barry Farchi of Itzhaki Properties represented the buyer, a Spanish development group led by Pedro Iglesias. Ira Nesenoff of Nesenoff & Miltenberg, LLP acted as the buyer’s attorney. The transaction was facilitated by Bruno Ott on behalf of Mr. Iglesias and his partner Mr. Goxencia. This is the development group’s first investment in the United States, and they are currently working on several others. They consider SoHo one of the most promising New York neighborhoods and were eager to purchase property there.

Mr. Farchi has been working in the downtown area for the past eight years, and has witnessed many changes in the area, particularly after 9/11. He said, “Retail interest, conversions and developments have increased in the entire downtown area, and especially SoHo. I have seen changes from the Financial District all the way to the Lower East Side, and it keeps getting better every year.” Prior to this sale, Mr. Farchi was involved in a SoHo transaction of a prime street property for $11.3 million.

Ivan Hakimian of Itzhaki Properties represented the seller. “2006 was a huge year for SoHo real estate, with no signs of slowing down in 2007,” said Mr. Hakimian.

transaction. Once we agreed on a price, we closed on the property in less than thirty days.”

424 Madison Avenue was built in 1926 and is just three minutes from Grand Central Terminal and one block from Rockefeller Center and Saks Fifth Avenue. GVA Williams, the leasing agent for 424 Madison Avenue has said that this building meets the demand of tenants seeking 5,000 square feet or less in Midtown, as well as a convenient location near transportation, businesses, restaurants and shops.

GREENPOINT SITE SOLD BY ITZHAKI PROPERTIES FOR $15 MILLION

Itzhaki Properties announces the sale of 108-22 West Street in Brooklyn, a 108,000 square feet conversion/development site. This site was sold to Katan Development for $15 million. This is a prime Greenpoint location boasting a building area of 70,000 square feet, a plot size of 30,000 square feet, and water views.

Erez Itzhaki, Founder of Itzhaki Properties, exclusively represented the sellers in the transaction. The decision to sell was due to the development opportunity in an up-and-coming area of Brooklyn. The developers have plans to undergo new construction and keep some of the existing structure, and have hired a top architect to work on the project. According to Itzhaki, “the buyers are getting a great value for the purchase price, giving tenants easy access to the city, yet still feeling like they are in the suburbs.”

up to utilize all that the zoning allows, while in the past the new residential developments were 1–4 family homes.”

Zach has closed two other development deals in the Bedford Park area, recently sold a 10,000 square foot development site in Riverdale, and has another pending deal close to the Morris Avenue property. Prior to working with Itzhaki Properties, he was affiliated with a development company and bought and sold five properties for lower density developments in the approximate area. Zach says, “I am a strong believer that the Bronx is the next Harlem, and we can expect to see development next to the Hub, near the new Yankees Stadium, and surrounding the university that is being built on 3rd Avenue in the 160s.”