ABC Realty pays $5M for office condo in SoHo

ABC Realty through the entity 559-7 LLC paid $5 million to David Boonshoft through the entity Boonco Industries LLC for the office condominium unit 7 at 599 Broadway in SoHo, Manhattan.
The deal closed on May 7, 2025 and was recorded on May 21, 2025. The property has 7,505 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $666 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for David Boonshoft was Jason E. Rogovich . The signatory for ABC Realty was Leonard Nathanson . The contract date was February 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer ABC Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Boonshoft had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condo in SoHo has 7,505 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 7,505 square feet. The city-designated market value for the property in 2022 is $2.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.4 times the average sales volume among other neighborhoods with $634.8 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 351,508 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 191,552 square feet of the 346,224 square feet. The largest owner is Pater M. Brant, followed by Rafael Ortiz and then Aryeh Realty.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 346,224 square feet of built space are retail buildings, with office buildings next occupying 25 percent of the space.

Direct link to Acris document. link