The home of our beloved Spin magazine has sold to the Laboz family, who appear to have designs on greater respectability.
The senior note on 408-410 Broadway just sold for $30 million to United American Land, the Laboz family’s company. They will now lease the majority of the property to Professional Business College, a Chinatown-based school, which we imagine will bring a rather different vibe.
The five-story building, with its distinctive Italianate façade and which was formerly owned by Vanick Properties, recently underwent a major core renovation in 2007, but likely it will still get a bit of a touch-up.
Cushman & Wakefield‘s New York Capital Markets Group, led by Steve Kohn, Helen Hwang, Nat Rockett, Karen Wiedenmann and Mark Ehlinger, represented the lender. Newmark Knight Frank‘s Justin DiMare represented the purchaser.