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NEW YORK, Nov. 30, 2022 /PRNewswire/ -- Gregory Kraut, co-founder and CEO of KPG Funds, a Soho-based commercial real estate investment firm has been appointed to the Board of Broadway Soho, a neighborhood improvement district dedicated to improving the vibrant downtown neighborhood from Broadway to Canal Street.
Kraut joins other board members that include Class A property owners, commercial tenants, residential tenants and government representatives including Mayor Eric Adams and Manhattan Borough President Mark Levine.
"We are thrilled to have Greg join the SoHo Broadway Initiative's board of directors," said Mark Dicus, executive director of Broadway Soho. "Greg is committed to working together to improve the quality of life of everyone who calls SoHo home and to taking actions that continue SoHo's strong recovery from the pandemic."
"I look forward to working alongside other community leaders," said Kraut. "At KPG we are also dedicated to making Soho a welcoming place to live, work and visit." "Soho Broadway does so much to keep the community clean, safe and a special neighborhood for all."
Kraut co-founded KPG in 2014, the Soho-based firm, whose business model is to purchase aging but architecturally significant buildings and convert Class B and C office space into Class A. In the spring of 2021, KPG Funds picked up two underperforming and vacant SoHo properties from Vornado Realty Trust and spent millions renovating Class B and C buildings into Class A boutique office buildings that look more like trendy hotels with new lobbies, bathrooms and kitchens. 155 Spring is now fully occupied and 40 Crosby was vacant for two years, before KPG bought it, and now rents are at pre pandemic levels or higher.
KPG Funds also bought 446 Broadway (L'Atelier) in 2018 for $45 million and spent more than $10 million on a gut renovation of the five-story, 40,000 sq. ft. 100-year-old Soho office building to align the look and feel of the landmarked building with its surrounding Soho neighborhood. KPG also owns and manages 480 Broadway, 2 Crosby, 141 East Houston and 30 Warren.
Kraut was recently named one of CRAIN'S Notable Leaders in Real Estate and one of Commercial Observer's Power 100 in New York City Real Estate for three consecutive years. Throughout his 25-year career in real estate, Kraut has represented owners and occupiers in transactions totaling more than 10 million square feet.
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SOURCE KPG Funds