Malaysian-based conglomerate pays $30M for SoHo retail, office; 2nd recent purchase

The Malaysian-based diversified company MBf Holdings through the entity Milkystar LLC paid $30 million to Albert Hazout and David Hazout through the entity Broadway Continental Corp. for the office building (O5) at 540 Broadway in SoHo, Manhattan. The expected use is cash flowing.
This is MBf Holdings’ second purchase over the past year. It paid $15.6 million in August 2024 for 958 Madison Avenue. MBf Holdings was founded and is led by British-Malaysian businessman Ninian Mogan Lourdenadin. Lourdenadin’s son, Arvin Lourdenadin, is the CEO of the Georgia-based Wood Terrace Capital. Wood Terrace is a MBf Holdings subsidiary that owns real estate in the United States, concentrated in Georgia, New York and Illinois, according to its website.
The SoHo deal closed on June 16, 2025 and was recorded on June 20, 2025. The property has 25,050 square feet of built space and 50 square feet of additional air rights for a total buildable of 25,090 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,197 and the price per buildable square foot is $1,195 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 Albert Hazout and David Hazout was an attorney, Alexander Seligson . The signatory for MBf Holdings Berhad was Lawrence B. Lim . The contract date was January 4, 2025. The website for the subsidiary that owns the SoHo building, Wood Terrace shows 540 Broadway on front page on the left.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mbf Holdings Berhad purchased one property in one transaction for a total of $15.6 million and has no record it sold any properties over the past 24 months.
The seller Albert Hazout had not purchased any other properties and had not sold any properties over the same time period. The 25,050-square-foot property generated revenue of $2.8 million or $112 per square foot, according to the most recent income and expense figures.

The property

The office building in SoHo has 25,050 square feet of built space and 50 square feet of additional air rights for a total buildable of 25,090 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 200 feet deep with a total lot size of 5,018 square feet. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $15.4 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.4 million money judgment concerning a office lease filed on November 1, 2023, by Albert Hazout and David Hazout against WeWork. In addition, according to city public data, the property has received $300 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 2.4 times the average sales volume among other neighborhoods with $622.8 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 351,508 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. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

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 Bvk, 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 seller

The PincusCo database currently indicates that Albert Hazout owned at least one commercial property in New York City with 25,050 square feet and a city-determined market value of $15 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.
The PincusCo database currently indicates that David Hazout owned at least one commercial property in New York City with 25,050 square feet and a city-determined market value of $15 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Mbf Holdings Berhad owned at least one commercial property with four residential units in New York City with 8,875 square feet and a city-determined market value of $8.1 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.

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