Benenson Capital pays $22.5M to 109Co for retail in SoHo

Benenson Capital Partners through the entity 542 Broadway Owner LLC paid $22.5 million to 109Co through the entity 542 Broadway Investor, LLC for the retail condo at 542 Broadway in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on October 21, 2025 and was recorded on October 30, 2025. The property has 6,858 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $3,280 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 109Co was Bastien Broda . The signatory for Benenson Capital Partners was Richard A. Kessler . The contract date was July 18, 2025.

The Commercial Observer reported on the sale, noting the shoe retailer New Balance signed a new, 10-year lease for the entire retail space.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Benenson Capital Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller 109Co had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in SoHo has 6,858 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 6,858 square feet. The city-designated market value for the property in 2022 is $5.6 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 3.9 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 467,269 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the seven commercial properties representing 436,403 square feet of the 519,968 square feet. The largest owner is Michael Shvo, followed by Wharton Properties and then AB & Sons Group.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 519,968 square feet of built space are office buildings, with retail buildings next occupying 20 percent of the space.

The buyer

The PincusCo database currently indicates that Benenson Capital Partners owned at least four commercial properties with 234 residential units in New York City with 877,453 square feet and a city-determined market value of $238 million. (Market value is typically about 50% of actual value.) The portfolio has $15.9 million in debt, with top three lenders as Voya Financial, Woodmen of the World Life Insurance Society, and Namdar Realty Group respectively. Within the portfolio, the bulk, or 39 percent of the 877,453 square feet of built space are industrial properties, with D4 properties next occupying 37 percent of the space. The bulk, or 66 percent of the built space, is in Manhattan, with Bronx next at 34 percent of the space.

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