Home Venture Capital Kevin Ryan-backed AlleyCorp buys 368 Broome St. in Nolita for $41M

Kevin Ryan-backed AlleyCorp buys 368 Broome St. in Nolita for $41M

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In the late 1990s, during the dot-com boom, Ryan rose to fame as the chief executive officer of online ad agency DoubleClick.

So far his current firm, AlleyCorp, which is based at 520 Broadway in SoHo, does not seem to have real estate investments in its portfolio, though it’s possible the company handled the transaction on behalf of one of its fledgling companies.

A 32,200-square-foot, prewar brick building that’s ringed on the sidewalk level with retail spaces, 368 Broome has been in the throes of a top-to-bottom renovation since 2019, building permits show. Though the address is close to SoHo, it is actually outside the area rezoned last winter to allow for more apartment development.

In 2006, 368 Broome, which sits on a busy corner, was snapped up by the landlord Continental Equities Group, which purchased it from Cheung Shing Wong and other owners for about $9 million, records show.

Then, in 2016, Continental, based in Great Neck, Long Island, sold a minority stake to a shell company connected with Oak Lane Partners, a private equity firm, for $11 million, according to a deed. Continental, which also does business as Continental Worsteds, is connected to developers Jack Jangana and Hesky Haim, and has other holdings in downtown Manhattan.

An email sent to AlleyCorp was not returned by press time. And several phone numbers at Continental’s office were unable to accept messages.

Among the largest office deals this year was SL Green Realty Corp.’s purchase of 450 Park Ave., a tower in Midtown, for $445 million, which works out to about $1,300 per square foot. Likewise, Blackstone’s $1.3 billion acquisition of the 1 Manhattan West office spire penciled out to $600 per square foot, according to data from CoStar Group. And A&R Kalimian Realty bought 79 Fifth Ave. for $277 million, or about $800 a foot.

Previously, 368 Broome housed a printing shop, a vintage clothing store called The 1929 and an Asian market, though the retail spaces appear to have been vacant for nearly a decade.

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