KPG Funds has sold its five-story office building at 446 Broadway in Soho for $52 million, likely incurring a loss. The firm purchased the property for $45 million in 2018 and invested over $10 million in renovations, achieving 100% occupancy by early 2023. The sale amount was just $1 million above KPG’s refinancing loan from 2022, which totaled $64 million, indicating financial strain due to rising interest rates. This marks the second sale KPG has completed with Spear Street Capital in a year.
446 Broadway
