A SoHo property that houses Buck Mason's flagship store has sold for $33.5 million, according to city records, as Lagfin, the Luxembourg-based family office behind Campari Group, exits the retail-and-residential building it bought just four years ago. The buyer is a New York entity called 484-486 Broadway Z, which is linked to a private Asian buyer.
The deal, first reported by Commercial Observer, closed with city records filed last Friday showing the $33.5 million sales price. Commercial Observer's own headline on the story cited a $34 million figure, though the records it reviewed list the sale at $33.5 million. The property sits at 484-486 Broadway, near Broome Street in the heart of SoHo, and includes two mid-rise buildings totaling more than 30,000 square feet.
A Quick Turnaround Since the Vornado Purchase
Lagfin's entity picked up the property from Vornado Realty Trust in 2022 for $23.5 million, per the same Commercial Observer account. Vornado's own fourth-quarter 2022 financial results confirm the earlier transaction, stating the firm sold the 30,000-square-foot retail and residential building on December 15, 2022, for $23,520,000, according to Vornado Realty Trust. That puts Lagfin's exit roughly $10 million above its purchase price just four years later.
PX Enterprises' Paul Xuereb, who manages Lagfin's U.S. real estate acquisitions and previously served as a Tri-Star Equities vice president, signed the deed for the seller, the Commercial Observer report notes. Belkin Burden Goldman partner Michael Mulia signed on behalf of the buyer. Neither Xuereb nor Mulia responded to requests for comment, nor did a CBRE spokesperson, per the same outlet.
Buck Mason's Lease Anchors the Building
The building's value has been bolstered by steady retail and residential activity in recent years. The property underwent a residential conversion of 3,200 square feet of office space into apartment rentals, and welcomed menswear brand Buck Mason to its ground floor in 2024. Buck Mason's lease spans 3,250 square feet across the ground level of both buildings — a deal Commercial Observer previously reported carried an asking rent of $1.5 million per year when it was signed under then-owner Tri-Star Equities.
By last year, that retail bet had grown further: sohobroadway.org reported that Buck Mason opened its largest retail flagship to date at the site. Upstairs, there are currently no rental vacancies in the upper floors, according to StreetEasy, as cited in the Commercial Observer report.
Brokers and a Hot SoHo Retail Market
A CBRE team led by Dan Kaplan represented Lagfin in the sale, while the buyer was represented in-house, according to the report. The transaction lands amid a broader surge in SoHo retail investment: a Crain's New York Business market report found the neighborhood accounted for 43% of all trophy retail transactions across the country between January and March of this year, according to Crain's New York Business.
Crain's separately confirmed the sale price in its own coverage, reporting that the roughly 30,000-square-foot mixed-use building at 484-486 Broadway has traded hands for $33.5 million, according to Crain's New York Business. The identity of the private Asian buyer behind 484-486 Broadway Z has not been disclosed, and it remains unclear what plans, if any, the new ownership has for the Broadway property.
