Spanish fast fashion billionaire Isak Andic got a deal in Soho.
Andic’s real estate company Punta NA bought the retail condo at 512 Broadway for $26.9 million — about half the price that seller Invesco paid for the property 14 years ago.
Punta NA purchased the 19,000-square-foot commercial condo on Monday, according to property records filed with the city. The cap rate on the deal was 5.9 percent, according to a source familiar with the sale.
The retail condo is occupied by the Australian fashion and lifestyle store Cotton On, which has 9 more years remaining on its lease.
Representatives for Punta NA and Invesco did not immediately respond to requests for comment. A Newmark team led by Brett Siegel and Ariel Schuster arranged the sale. The brokers declined to comment.
The deal is something of a Rorschach test for people watching the retail market. The 5.9 percent cap rate shows strong demand in terms of pricing. But the price also represents a painful discount for the seller.
Invesco paid $55 million to buy the property in 2010 as New York’s retail real estate market was just starting to recover from the financial crisis. Many of the properties that were purchased at or near the peak of the last cycle are trading at significantly lower prices today.
Andic is the founder of the Spanish fashion chain Mango. He has a net worth of $5 billion, according to Forbes, which makes him the 785th richest person in the world. Andic transformed Mango’s holding company, Punta NA, into his own real estate investment vehicle.
The company reportedly had a portfolio of 70 assets valued at 1.2 billion euros as of early 2022.
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Aussie fashion brand Cotton On leases 20K sf in Soho
