NEW YORK—DDG has acquired 325 West Broadway, a residential development site in Manhattan’s Soho neighborhood for $38.35 million. HFF marketed the properties on behalf of the seller, a subsidiary of Lehman Brothers Holdings Inc. The HFF team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz along with managing directors Jeff Julien and Kevin O’Hearn.
The development site totals 61,416 sq. ft.
Current plans for the site include the construction of a two-building, 24-unit condominium property with ground-floor retail. The development will be situated at 325-329 West Broadway and 23-25 Wooster Street between Grand and Canal Streets.
“This property is ready for development with no entitlement or approval risk and is virtually shovel-ready,” said Scandalios.
DDG is a New York-based real estate investment and development firm specializing in the highest quality product across all property types.