Greene Street condo conversion candidate sold for $11m.

SoHo is bouncing back, big time, as sought-after properties and development sites are rapidly trading between sellers wanting to capitalize on today's prices, and buyers hoping to maximize investments through conversions, upgrades, tenant turnover, obtaining air rights or demolition.

Itzhaki Properties has just arranged such a proto-typical example, namely the $11.3-million sale of 65 & 67 Greene Street, two adjacent five-story mixed-use buildings, which together consist of 25,000-square feet of apartments combined with street level retail.

Erez Itzhaki, President of Itzhaki Properties acted for the independent seller, Sam Landau, in the transaction, while Barry Farhi, Vice President of Itzhaki introduced the buyer, Red Brick Properties, led by principal David Slaven.

"My client is bullish on SoHo," said Mr. Farhi, who added that Red Brick bought the mixed-use property at 72-76 Greene Street last September, "so this purchase made absolute sense for them. Plus, 65 & 67 Greene Street are excellent condominium conversion candidates and, upon lease expiration, Red Brick will have an opportunity raise retail rents."

According to Mr. Itzhaki, "The seller was very pleased to be able to trade these properties swiftly, at a price commensurate with today's pricing, especially selling it to a buyer who so reveres the neighborhood and wishes to preserve the landmarked 19th century cast iron architecture indicative of this part of SoHo.

"I've had my eye on 65 & 67 Greene Street for some time now," said Mr. Slaven whose company acquires and converts late 19th and early 20th century buildings located in SoHo, Tribeca, and the West Village. "Its an ideal fit for our portfolio."