Ikea pays $213M to Wharton Properties, partners, for retail in SoHo

Ikea through the entity II 529 Broadway Member LLC paid $213 million to a partnership led by Jeff Sutton’s Wharton Properties through the entity 529 Broadway Holdings LLC for the retail building (K2) at 529 Broadway in SoHo, Manhattan. The expected use is owner-occupied.
The deal closed on September 26, 2025 and was recorded on September 30, 2025. The property has 44,243 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $4,814 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 sellers bought the property on December 20, 2012, for $146.9 million. A partnership including Wharton Properties , Bobby Cayre’s Aurora Capital Associates , the Adjmi family’s ACHS Management and Joe Sitt of Thor Equities, bought the property, then built the existing structure from the ground up, which was leased to Nike.
The signatory for the seller partnership was Jeff Sutton . The signatory for Ikea was Carlisle Michael Bostic . The contract date was September 26, 2025.

Crain’s New York first reported the sale to Ikea.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ikea had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Wharton Properties purchased six properties in four transactions for a total of $72.2 million and sold 17 properties in 12 transactions for a total of $1.9 billion over the same time period. The 44,243-square-foot property generated revenue of $14.5 million or $328 per square foot, according to the most recent income and expense figures.

The property

The retail building in SoHo has 44,243 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 150 feet deep with a total lot size of 8,776 square feet. The lot is irregular. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $131.4 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 received one DOB violation and $5,865 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 16, 2016. 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 3.1 times the average sales volume among other neighborhoods with $909.7 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 455,655 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 six of the eight commercial properties representing 556,134 square feet of the 599,722 square feet. The largest owner is Scholastic, followed by Wharton Properties and then Osprey Studios.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 599,722 square feet of built space are office buildings, with mixed-use buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Wharton Properties owned at least 87 commercial properties with 204 residential units in New York City with 3,314,149 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $363.8 million in debt, with top three lenders as Rialto Management Group, Valley National Bank, and Bank of China respectively. Within the portfolio, the bulk, or 68 percent of the 3,314,149 square feet of built space are office properties, with retail properties next occupying 20 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.
The PincusCo database currently indicates that Achs Management owned at least 69 commercial properties with 127 residential units in New York City with 1,245,769 square feet and a city-determined market value of $398.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 1,245,769 square feet of built space are retail properties, with mixed-use properties next occupying 23 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Brooklyn next at 31 percent of the space.
The PincusCo database currently indicates that Aurora Capital Associates owned at least 23 commercial properties with 144 residential units in New York City with 1,662,067 square feet and a city-determined market value of $568.6 million. (Market value is typically about 50% of actual value.) The portfolio has $536.6 million in debt, with top three lenders as Deutsche Pfandbriefbank, New York Community Bank, and Apollo Global Management respectively. Within the portfolio, the bulk, or 40 percent of the 1,662,067 square feet of built space are office properties, with retail properties next occupying 34 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that Ikea owned at least one commercial property in New York City with 336,534 square feet and a city-determined market value of $75.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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