SoHo Retail Condo Sells for $27.5M

Crane Partners Asset Management has purchased the block-through 9,305-square-foot retail condominium at 501 Broadway, with an alternate address of 72 Mercer Street, for $27.5 million, or $2,955 per square foot. Seller Vornado Realty Trust acquired the unit for $31 million in 2013 according to city records. Capital One, with about 4-years of lease term remaining, currently occupies the space that includes 3,659 square feet on the ground level, 4,964 square feet of lower-level office space, and 682 square feet of storage space.