- As part of our retail value-add strategy, we acquired this outstandingly located 3,680 sf ground floor and basement Co-op for $11.8 million in an off-market transaction introduced by our leasing agent at another of our New York properties.
- Neighboring retailers included Apple, Luis Vuitton, Polo Ralph Lauren, Mercer Hotel, etc.
- Part of our acquisition funding went to secure 100% vacant possession by buying out the in-situ gallery user and to fund the Co-op common charges for some years.
- We obtained “Change of Use” to mainstream retail from gallery usage and leased the space to retailer Karen Millen at $375/sf.
- Once retail rents in Soho reached $1,300/sf we obtained vacant possession and sold the property for $41.8 million to a New York family after an intense bidding war.
- Partner equity was provided by a High-Net-Worth Family – debt from Allied Irish Bank.
Project Summary
