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
Source: The Real Deal