Cofinance Group pays $21M for mixed-use in SoHo

Cofinance Group through the entity 392 West Broadway Owner LLC paid $21 million to Dirty Building Holdings LP, an entity with unknown ownership, for the mixed-use building (K4) at 392 West Broadway in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on August 14, 2025 and was recorded on August 15, 2025. The property has 16,900 square feet of built space and 2,433 square feet of additional air rights for a total buildable of 19,315 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,242 and the price per buildable square foot is $1,087 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 January 27, 2022, for $17.5 million. The signatory for Dirty Building Holdings LP was an attorney Joseph Rust . The signatory for Cofinance Group was Alexandre de Montebello . The contract date was February 11, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Cofinance Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dirty Building Holdings LP had not purchased any other properties and had not sold any properties over the same time period. The 16,900-square-foot property generated revenue of $1.4 million or $81 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 1 residential units in SoHo has 16,900 square feet of built space and 2,433 square feet of additional air rights for a total buildable of 19,315 square feet according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 75 feet deep with a total lot size of 3,863 square feet. The zoning is M1-5/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District Extension. The city-designated market value for the property in 2022 is $8.4 million. The most recent loan totaled $8.2 million and was provided by Castellan Real Estate Partners on October 21, 2022.

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 received $440 in OATH penalties 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 2.8 times the average sales volume among other neighborhoods with $774 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 413,905 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.

The block

On this tax block, PincusCo has identified the owners of eight of the 18 commercial properties representing 153,624 square feet of the 266,329 square feet. The largest owner is Standard International, followed by Centurion Realty and then Henry Hay.
There are no active new building construction projects on this tax block.

The majority, or 22 percent of the 266,329 square feet of built space are mixed-use buildings, with elevator buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Dirty Building Holdings Lp owned at least one commercial property with one residential unit in New York City with 16,900 square feet and a city-determined market value of $9.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Cofinance Group owned at least three commercial properties with 14 residential units in New York City with 15,950 square feet and a city-determined market value of $14.3 million. (Market value is typically about 50% of actual value.) The portfolio has $13.6 million in debt, borrowed from Metropolitan Commercial Bank. Within the portfolio, all identified are mixed-use properties. The bulk, or 70 percent of the built space, is in Brooklyn, with Manhattan next at 30 percent of the space.

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