Press

  • Spring St. storefront sells for
    Soho record $112M

    A Chanel-filled storefront in Soho with just 4,500 square feet on the ground floor of 139 Spring St. was sold on Friday for an area record of $24,888 per square foot, or $112 million, for the ground floor. There is also storage on the smaller lower level.

    The buyer, Invesco, purchased an 80 percent stake in the Burberry- and Diesel-occupied building at 131 Spring St. in July 2015 for $222.2 million. SL Green Realty Corp. owns the other 20 percent.

    The new off-market deal was entirely arranged by Ezra Saffati and Ross Mezzo, principals of Majestic Acquisitions.

    “Spring Street is one of the most expensive and coveted retail addresses in New York City,” said Saffati. “The value of the property has been greatly enhanced by the prestigious fashion house of Chanel.”

  • Invesco buys Soho retail condo
    housing Chanel for $112MPrice amounts to over $25K psf, a neighborhood record January 19, 2016 10:10AM

    Invesco Real Estate paid top dollar – $112 million, or over $25,000 per square foot – for a Soho retail condominium long occupied by Chanel.

    The firm bought the 4,465-square-foot space at 139 Spring Street from an entity called Spring & Wooster, LLC, a group of the building’s condo owners. According to public records, the group is led by managing member Lisa Fromartz.

    The 38,000-square-foot building was converted to condos in 2000. It contains nine residential condo units along with the retail condo.

    Asking rents in the neighborhood can cross $1,000 per square foot, the New York Post reported. The building is designated 2C in the tax code, a status the limits assessment increases at the property to 8 percent a year. Invesco will pay about $50,000 a year in taxes on the property, the Post reported. Back in July, Invesco bought an 80 percent stake in the nearby 131 Spring Street, paying $222.2 million to SL Green. That building is occupied by Burberry and Diesel.

    Majestic Acquisitions principals Ezra Saffati and Ross Mezzo arranged the off-market deal. [NYP] – Ariel Stulberg.

  • Invesco Pays $112M for Chanel
    Retail Condo Spring & Wooster Co Divests 4,500 SF in Soho By Justin Sumner January 19, 2016

    Invesco Real Estate has acquired the 4,500-square-foot, ground-floor retail condo occupied by Chanel at 139 Spring St. in New York City for $112 million, or about $25,000 per square foot, from Spring & Wooster Company LLC.

    The seven-story, 41,797-square-foot, pre-war boutique loft building was constructed in 1909 on one-tenth of an acre in the SoHo submarket of Manhattan, between Greene & Wooster Streets.

    The space features 54 feet of frontage with four full-size display windows on Spring and an additional 100 feet on Wooster with nine display windows. Fully occupied by fashion icon Chanel, the storefront sits below 40 residential studio condominiums. More

  • Urban Edge Properties Announces
    Acquisition in Howard Beach, New York January 04, 2016 08:00 AM Eastern Standard Time

    NEW YORK--(BUSINESS WIRE)--Urban Edge Properties (NYSE:UE) announces the acquisition of Pan Bay Center, located in the Howard Beach neighborhood of Queens, New York City, for $27 million. The property includes almost the entire block on the west side of Cross Bay Boulevard between 156th Avenue and 157th Avenue. Consisting of approximately 50,000 square feet, the property is currently 85% leased with local retail tenants on the ground floor and medical office tenants on the second floor. The property also includes 97 parking spaces.

  • Zar Property NY Picks Up Mercer Street Retail Unit Condo for $9.3M

    The seller of the unit at 47-49 Mercer Street between Grand and Broome Streets, a couple from Canada that purchased the unit in 1997, sold it to Zar on July 10 in an off-market transaction, a source with knowledge of the deal and property records, made public yesterday, indicate.

    The unit—with 3,500 square feet on the ground floor and 4,000 square feet on the lower level—is leased entirely to high-end handmade natural European mattress maker Coco-Mat, which moved into the space five years ago. According to CoStar Group, the deal was signed in December 2011 and expires in January 2022, with an effective rent of $79.65 per square foot.

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