Spanish billionaire family office pays $26.9M to Invesco for SoHo retail

Punta Na, the family office for the billionaire retailer Isak Andic, through the entity Punta Na Broadway LLC, paid $26.9 million to Invesco Real Estate through the entity Invesco Immobilien Fonds Iv U.S. Partners, L.P. for the retail condo at 512 Broadway also known as 56 Crosby Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on September 30, 2024 and was recorded on October 1, 2024. The property has 19,760 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,361 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 seller bought the property on December 6, 2010, for $55 million. The signatory for Invesco Real Estate was Stephanie Holder. The signatory for Punta Na was attorney Susanne Zabloudil. The contract date was August 20, 2024. Punta NA is the real estate holding company of Isak Andic founder of the Barcelona-based fashion brand Mango.  Punta Na leases some space to Mango but in many cases to other tenants. Andic’s company is similar to Zara founder Amancio Ortega’s Pontegadea, which also invests in real estate.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Punta Na had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Invesco Real Estate had not purchased any other properties and sold one properties in one transaction for a total of $100.1 million over the same time period.

The property

The retail condo in SoHo has 19,760 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 19,760 square feet. The city-designated market value for the property in 2022 is $13.3 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 2.1 times the average sales volume among other neighborhoods with $516.5 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 214,448 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 242,014 square feet of the 406,426 square feet. The largest owner is Northwood Investors, followed by Pontegadea and then Thor Equities.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 406,426 square feet of built space are office buildings, with retail buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Invesco Real Estate owned at least nine commercial properties with 497 residential units in New York City with 707,044 square feet and a city-determined market value of $181.8 million. (Market value is typically about 50% of actual value.) The portfolio has $190 million in debt, borrowed from Fifth Third Bank and Principal Real Estate Investors. Within the portfolio, the bulk, or 33 percent of the 707,044 square feet of built space are office properties, with specialty properties next occupying 23 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Brooklyn next at 37 percent of the space.

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