SoHo sale sets new price per foot record

Real Estate Weekly,  Oct 17, 2007  

• E-mail
• Print
• Link

In an off-market transaction that fetched record pricing for a four-story, 6,000 s/f commercial loft building in SoHo, 150 Spring Street just traded for $8.45 million to a New York City-based developer/ investor.

Eastern Consolidated's David Johnson, director, represented the seller, Manhattan-based 150 Spring Street LLC, while Eastern's executive directors Eric M. Anton and Ronald A. Solarz represented the buyer.

"It's an indication of the strength of the investment market that this property traded north of $1,400 per square foot," said Johnson, who added that the former owner succeeded in delivering the building's retail space vacant upon closing, enabling the new owner to immediately capitalize on current retail rents in SoHo, now approaching the $400 per square foot range for prime boutique space.

In addition to prime ground floor retail space, the building has a useable basement as well as 1,600 square feet of unused air rights.

The three floor-through units above, on short-term leases expiring in less than one year, are paying rental rates below market, which allows for future upside for the buyer.

"This acquisition is a terrific opportunity for the new owner to secure a significant foothold in SoHo, clearly one of Manhattan's most sought-after enclaves," added Anton.

Steven Hafif, Esq. of Hafif & Associates represented the seller, while Thomas Malmud, Esq. of Pryor Cashman LLP acted for the buyer.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning