A joint venture of Wharton Properties LLC's Jeff Sutton and Thor Equities LLC's Joe Sitt sold a Manhattan, N.Y., retail building to a development group led by Shvo's Michael Shvo for $382 million, The Real Deal reported, citing property records.

The purchase price is slightly less than the $400 million the parties initially agreed to.

The transaction was partly funded by a $210 million loan from LoanCore.

The 11-story building at 530 Broadway in Soho is leased by retail tenants including Skechers and Club Monaco.

Shvo's partners include Deutsche Finance America LLC, Turkish developer Bilgili Holding and German pension fund Bayerische Versorgungskammer.