Top kitchen cabinetry brand, Scavolini USA Inc. has paid just north of $10 million for a duplex retail co-op at 429 West Broadway.
The off-market deal was brokered by Sinvin Realty.
The deal defies the conventional wisdom that retailers either are paralyzed with fear, or in hopeless freefall.
Indeed, Scavolini’s purchase marks a planned expansion of its presence in the North American market, creating a flagship store in a prime SoHo corridor.
“Scavolini values the location’s prestige and visibility, and the long term brand development it provides,” said Sinvin Principal MICHAEL GLANZBERG.
“Current market challenges aside, these are the qualities for which SoHo retail is known and valued the world over, and Scavolini will capitalize on that.”
Glanzberg, along with Sinvin principal CHRISTOPHER OWLES, represented both sides of the transaction. Additionally, Sinvin senior managing director MICHELLE STONE worked with the seller. Details of the deal have not been released.
Totaling 8,000 s/f in all (ground floor and finished lower level), the classically SoHo cast-iron space at 429 West Broadway has high ceilings and expansive square footage.