Michael Shvo closes on 530-536 Broadway

Michael Shvo, Serdar Bilgili, and BVK have acquired 530-536 Broadway from Jeff Sutton’s Wharton Properties for $386 million. The three office and retail properties span 210,000 square feet, and traded at a cap rate of around 5.1%. 

• Financing details: The buyers secured a $210 million loan from LoanCore Capital to close the deal. 

• Dig Deeper: The retail units are fully occupied and include Skechers and Club Monaco, while the office space is 95% occupied. This brings the NOI to around $19.7 million.