On the cast-iron stretch of Broadway just north of Howard Street in SoHo, where global luxury houses and tech flagships fight for 16-foot ground-floor ceilings, full-building trades are generational events. 428 Broadway Owner LLC wired $47 million all-cash ($1,119 per square foot) on August 19, 2026 to acquire the six-story, 42,000-square-foot 1889 building at 428 Broadway from MS SoHo Holding LLC—more than doubling the $22.5 million basis recorded in February 2005. When the deed closed on August 19, 2026, 428 Broadway Owner LLC had officially taken down 428 Broadway from MS SoHo Holding LLC for $47 million, with Eastdil Secured / Cushman & Wakefield brokering the trade.

Look past the sticker price and the trade tells a clear story about replacement cost in Manhattan. At $1,119 a square foot across 42,000 square feet, the closing price marks a 108.9 percent step-up over the $22.5 million basis recorded in February 2005. In today's five-borough construction market, buying modern or well-maintained brick at $1,119 a square foot still beats the time and cost of digging a foundation from scratch. Even better for the buyers, the in-place rent roll hands them a verified 5.80 percent going-in cap rate from day one.

SoHo's M1-5/R9X Rezoning Meets a $47 Million All-Cash Check

Just as telling as the purchase price is what did not hit the city register alongside the deed: a senior mortgage. 428 Broadway Owner LLC closed 428 Broadway with $47 million of unencumbered equity—or an unsecured corporate line—allowing the buyers to move with immediate execution certainty.

When financing contingencies can stall a New York closing for sixty days, showing up with $47 million in cash at $1,119 a square foot is the sharpest weapon a buyer can bring to the negotiating table—leaving the sponsorship free to recapitalize in the senior debt market once initial leasing and business-plan milestones are locked in.

From Our Desk

When we look at 428 Broadway on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. 428 Broadway Owner LLC didn't try to fight the tape—they bought SoHo footage at $1,119 a square foot and structured the stack to match the asset's timeline. Buying 42,000 square feet of 1889 SoHo Broadway frontage at $1,119 a foot all-cash—under the newly enacted M1-5/R9X SoHo/NoHo neighborhood rezoning—gives the new ownership flagship retail cash flow on day one and upper-floor residential conversion optionality tomorrow.