SoHo strip nets $18m.Five buildings with street retail anchored by high-end Italian fashion designer Max Mara Max Mara, or The House of Max Mara, is an upscale, luxury Italian women's fashion house most famous today for its high-fashion ready-to-wear clothing. History Achille Maramotti was born on January 7, 1927 in Reggio Emilia in Italy. at the intersection of West Broadway and Prince Streets and extending to mid-block on Prince Street, has been sold as a package for $18 million. Itzhaki Properties' Ivan Hakimian, exclusively represented seller ATJ ATJ Association of Teachers of Japanese ATJ According to Jim (Jim Belushi TV show) ATJ Access Technology Japan (Japanese IT recruiting company) Properties, and the buyer, in the significant sale of retail/residential buildings totaling 14,000 square feet, plus an additional 18,000 square feet of air rights. The package specifically includes the following addresses: 450 Broadway (occupied by Max Mara), as well as 151, 153, 155, and 157 Prince Street. "This sale is one of the most exciting ever to occur in SoHo in recent times," said Mr. Hakimian. "Not surprisingly, given the heady head·y adj. head·i·er, head·i·est 1. a. Intoxicating or stupefying: heady liqueur. b. pace of today's sales market, the former owner of the strip was ready to maximize his investment. Although the deal comes with a five-year restriction on building atop any of the properties, ultimately the air fights proviso A condition, stipulation, or limitation inserted in a document. A condition or a provision in a deed, lease, mortgage, or contract, the performance or non-performance of which affects the validity of the instrument. It generally begins with the word provided. will kick in, enabling the buyer to increase the height of the buildings, thereby adding income and enhancing their value." The buyer, a New York-based family-owned real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , will for the time being continue to operate the existing stores and honor the leases in the buildings' respective residential components. The stores included in the sale are: 450 West Broadway--formerly a parking lot, and now anchored by Max Mara; 151 Prince Street--(aka) 448 West Broadway, occupied by Agsa Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study , with two floors of residential above, which is the residence of the seller; 153 Prince Street--occupied by SoHo Hot, a jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. retailer, with 2nd and 3rd floor residential lofts above; 155 Prince Street --occupied by Joseph Pearl, jewelers, on the ground and second floors, and Hannah, clothing and accessories, on the lower level, with two floors of residential above; 157 Prince Street--occupied by Rocks in Your Head, records and CD's, on the ground and lower ground floors, with two floors of residential above. |
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