Japanese coffee supplier pays $4.9M for retail in DDG-developed SoHo condo building

An affiliate of Japan-based coffee supplier Cafec, Sanyo Sangyo Inc., paid $4.9 million to the entity WH 325 West Broadway LLC, an affiliate of the now inactive development firm DDG Partners, for two retail condominium units at the mixed-use building at 325 West Broadway in SoHo, Manhattan.
The deal closed on March 21, 2025 and was recorded on April 7, 2025. The two properties have 3,122 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,569 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.)

A Serhant brokerage team was marketing the two units for $5.25 million that are “Fully leased to strong tenants with newly renewed agreements. Lazaro: Distinguished men’s fashion and jewelry retailer [and] IGK: Renowned high-end hair salon, established for 6 years.” 325 West Broadway Unit_ AB
The signatory for the DDG Partners entity was Edward T. Schroeder, a certified public accountant based in Illinois. The signatory for Sanyo Sangyo Inc. was Devin Yasuda . The contract date was February 19, 2025. Sanyo Sangyo Inc. is affiliated with Sanyo Sangyo Co. Ltd, which is affiliated with Cafec.

Prior sales and revenue

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

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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. On the tax lot, the most recent condominium plan was filed by WH 325 WEST BROADWAY LLC to create 21 residential units and 2 commercial units in a building at 325 West Broadway in SoHo, Manhattan, called 325 West Broadway Condominium that has a $148.6 million sellout, according to an January 05, 2015 submission to the New York State Attorney General. The principals of the sponsor, WH 325 WEST BROADWAY LLC, included Joseph Mcmillian, Jr. and Christopher Prokop,

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 18th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 357,140 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 the tax block of 325 West Broadway, PincusCo has identified the owners of three of the 13 commercial properties representing 28,722 square feet of the 92,939 square feet. The largest owner is Bushwack Capital, followed by Ira Lifshutz and then United American Land.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 92,939 square feet of built space are mixed-use buildings, with elevator buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that DDG Partners owned at least two commercial properties in New York City with 67,500 square feet and a city-determined market value of $29.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 67,500 square feet of built space are office properties, with development properties next occupying 0 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link