Meadow Partners pays $37M to Brookfield Properties for retail in SoHo

Meadow Partners through the entity Mv Sma 200 Lafayette Property LLC paid $37 million to Brookfield Properties through the entity 200 Lafayette, LLC for the retail condo at 200 Lafayette Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on June 24, 2025 and was recorded on July 3, 2025. The property has 27,970 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,322 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 this unit and another on August 28, 2018, for $51.3 million. The signatory for Brookfield Properties was Marjorie Zessar. The signatory for Meadow Partners was Jeffrey Kaplan . The contract date was March 27, 2025. The Real Deal reported in May Meadow Partners had a deal to buy the property for $40 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Meadow Partners purchased four properties in one transaction for a total of $23 million and sold four properties in four transactions for a total of $137.5 million over the past 24 months.
The seller Brookfield Properties purchased one property in one transaction for a total of $83.6 million and sold 17 properties in 12 transactions for a total of $915.7 million over the same time period.

The property

The retail condo in SoHo has 27,970 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 27,970 square feet. The city-designated market value for the property in 2022 is $16.5 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

For the tax lot building, it received its initial certificate of occupancy on May 20, 2013. 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 2.5 times the average sales volume among other neighborhoods with $652.8 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.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 199,706 square feet of the 234,741 square feet. The largest owner is Heller Properties, followed by P. Zaccaro and then Shopcore Properties.
On the tax block, there was one new building construction project filed totaling 23,445 square feet. It is a 12-unit, 23,445 square-foot residential (J-2) building submitted by John Zaccaro Jr. with plans filed April 17, 2008 and permitted February 9, 2018.

The majority, or 58 percent of the 234,741 square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Brookfield Properties owned at least 59 commercial properties with 5,732 residential units in New York City with 26,044,833 square feet and a city-determined market value of $5.8 billion. (Market value is typically about 50% of actual value.) The portfolio has $13.3 billion in debt, with top three lenders as Wells Fargo, Citibank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 58 percent of the 26,044,833 square feet of built space are office properties, with elevator properties next occupying 24 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

The buyer

The PincusCo database currently indicates that Meadow Partners owned at least 34 commercial properties with 403 residential units in New York City with 1,478,606 square feet and a city-determined market value of $342.1 million. (Market value is typically about 50% of actual value.) The portfolio has $625.4 million in debt, with top three lenders as Deutsche Pfandbriefbank, Fortress Investment Group, and Hudson Bay Capital Management respectively. Within the portfolio, the bulk, or 60 percent of the 1,478,606 square feet of built space are office properties, with walkup properties next occupying 14 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Brooklyn next at 24 percent of the space.

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