Jeweller's home has plenty of upside.

SoHo's real estate market continues to sizzle as exemplified by the just-closed $8.6-million sale of 400 West Broadway, a seven-story office/retail approximately 11,000 s/f property whose retail component (lower, ground and first floors) is currently leased to upscale jewelers Robert Lee Morris Design, while the remaining floors (2, 3, 4, 5, 6, and penthouse) are vacant.

Eastern Consolidated's uncle and nephew Ezratty team, Brian, vice chairman and principal, and Martin, director, collaborated in arranging this transaction.

Brian Ezratty represented the seller, Lloyd Goldman of BLDG Management Co., Inc., while Martin Ezratty procured the purchaser, Marvin Shulsky of Shulsky Properties.

"This is an excellent investment opportunity," said Martin Ezratty. "Since Robert Lee Morris-Jewelry Design has signed a new lease for five years, the new purchaser is in a position to solidify his base. He can then increase his rent roll by leasing the upper office floors which are available to lease at SoHo market rates, which now range between $45 and $55 per square foot."

The new owner plans to upgrade the property with a new lobby, HVAC system, digital cable and high speed Internet access.

"Not surprisingly, this building flew off the shelf because the demand for properties in great SoHo locations is so staggeringly strong," added Brian Ezratty.

400 West Broadway used to be a five-story building, but two floors were added during a renovation/alteration in 1989/90, which also included a new elevator, new stairwell, new windows, new air conditioning, electricity and plumbing.

Sam Ross, Esq. of Olshan Grundman Frome Rosenzweig and Wolosky LLP represented the buyer in the sale, while Larry Wolf, Esq of BLDG Management acted in-house on behalf of the seller.