Fountain Arranges Sale of 150 East Broadway
New York City – Fountain Realty Group ("Fountain") has arranged the sale of a mixed-use property located at 150 East Broadway ("the Property") to an affiliate of Penn South Capital ("Penn South"), a New York based on real estate investment group spearheaded by Mr. Parag Sawhney. Penn South was founded by Mr. Parag Sawney and Mr. Michael Edelman in 2014. The acquisition of the Property represents the third investment made by Penn South.
Fountain's President David Gomez, represented both the seller and the buyer in this off market transaction. "Surrounded by the best of Downtown, trendy Chinatown & the Lower East Side, 150 East Broadway offers retail and residential tenants a prime location in an emerging hot spot of Downtown Manhattan. The property is steps away from the Essex Crossing Development, the biggest commercial, residential and community project to hit Lower Manhattan, and will add to the high foot traffic and prestige of this address. This dense neighborhood offers retailers a world class, trendy location with a dependable 7-day market and the fastest gentrifying market in all of New York City", said David Gomez.
The sale of the Property represents the latest of many Chinatown property sales and leasing transactions Fountain has arranged on behalf of its clients.