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Burkle, Cayre close on purchase of NYC Soho House

[Updated at 10:40 a.m. with broker information] [Updated at 9:00 a.m. with comment from Burkle, Cayre] Billionaire Ron Burkle’s Yucaipa Companies and Joseph Cayre’s Midtown Equities have closed on their purchase of the Soho House, a hotel and social club at 29-35 Ninth Avenue which also houses popular restaurant Spice Market, Cayre said this evening while on a panel at a Young Jewish Professionals summit held at 7 World Trade Center and co-sponsored by The Real Deal.

The deal for the 86,100-square foot building, between 13th and 14th streets, closed for $81 million, according to a spokesperson for Burkle; the billionaire reportedly paid $550 million for a 60 percent stake in the entire Soho House franchise in January, which has 26,000 members in a number of international clubs including in New York, Los Angeles and London, as well as related real estate. (Cayre excused himself early from the evening’s panel discussion citing another engagement and wasn’t available for comment later.) The deal has not yet hit public records.

As Burkle’s partner in the deal for the property in New York, brokered by the capital markets team at Jones Lang LaSalle, Cayre could ultimately control the retail portion of the building, it’s been previously reported, which also includes a space occupied by furniture designer, Vitra.

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In a comment issued to The Real Deal, Burkle called the Meatpacking District “one of the most exciting neighborhoods in Manhattan,” while Cayre said it had been a pleasure to work with Burkle.

The well-publicized deal for the Soho House franchise made headlines a few weeks ago after broker Nathaniel Christian, principal of NCG Real Estate, sued Yucaipa seeking $22.8 million in New York State Court, alleging that he acted as the broker for Yucaipa’s purchase of a stake in mega-deal but was never compensated.

Burkle has been busy in the Meatpacking District. As previously reported, just 48 days after closing on a $65 million purchase of a retail property at 430 West 14th Street, he is already trying to unload it for $100 million in a quick flip, listing it with Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner. Burkle wasn’t immediately available for comment.

While Cayre’s loose lips prompted the evening’s moderator, real estate attorney Marc Landis of the law firm of Phillips Nizer, to warn him that the press was present, he wasn’t the only one taking center stage at the event. The Real Deal’s own publisher, Amir Korangy, took to the stage early in the evening to accept an award for his entrepreneurship. His mother was even there in support, having come all the way from Washington, D.C.

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