The Safras want to promote a high-street retail portfolio spanning New York and Chicago, leased to manufacturers like Omega, Prada and Aime Leone Dore.
J. Safra Asset Administration, the funding arm of the Brazilian-based Safra Group, is eyeing a price ticket of $125 million for the group of six properties, which span greater than 53,000 sq. ft.
The properties, situated in a few of New York and Chicago’s finest retail neighborhoods like Soho and Gold Coast, are “outlined by world luxurious and life-style manufacturers, dense foot site visitors and entrenched possession,” in keeping with advertising and marketing supplies from Newmark.
The addresses are 8-14 Prince Street, 90 Prince Street, 24 Prince Avenue, 224 Mulberry Avenue and 450 Broadway in Manhattan, in addition to 30 East Oak Avenue in Chicago.
Safra spent about $113 million assembling the New York properties between 2012 and 2015 — a time when there was an enormous rush of funding into retail to capitalize on fast-rising rents. The retail bubble burst quickly after, and the market went by means of a protracted, grinding restoration.
The image seems to be a lot better now: Soho’s availability charge was 9.6 p.c within the first quarter, in keeping with Cushman & Wakefield. That makes it one of many tightest submarkets in Manhattan.
A consultant for J. Safra Asset Administration couldn’t be instantly reached for remark. A Newmark crew led by Adam Spies and Adam Doneger is working the sale course of.
Headquartered in New York, J. Safra Asset Administration is the investment-advisory division of the J. Safra Group — the worldwide banking empire based by Jacob Safra within the early 1900s. His son Joseph Safra moved the household from Lebanon following the 1948 Arab-Israeli Warfare and landed in São Paulo, the place he began Banco Safra in 1955. Joseph died in 2020 and at present the household is led by his widow, Vick Safra, whose wealth Forbes pegged at north of $27 billion.
J. Safra Asset Administration managed greater than $6 billion of property on the finish of 2025.
One of many Safra heirs, Edmond M. Safra, has just lately been investing in New York office-to-residential conversions by means of AVRS Partners — an organization he began with Adnane Mousannif, former head of actual property for the Americas on the Qatar Funding Authority.
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