RFR Sells SoHo Retail Asset for $46M
RFR Holding has sold 102 Greene St., a 9,200-square-foot retail asset in New York City’s Manhattan borough, for $46 million. Adirondack Capital Partners brokered the off-market transaction.
The company had purchased 102 Greene two years ago for $31.5 million, in a period when Soho vacancies were at historic highs. The joint venture of TA Realty and SL Green Realty sold the asset.
At the time, RFR expected a 6.5 percent return on their investment based on the property’s income. However, the asset later changed hands at a higher price, resulting in a lower 4.25 percent ROI for the new buyer.
Designed by architect Henry Fernbach alongside its sister building at 96 Greene St., 102 Greene came online in 1881. Over the years, it has housed notable tenants, including S. Epstein & Sons and sculptor William Tarr, who created the iconic cast iron door and panel at the entrance.
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Now Cartier fully occupies the four-story property. Paris-based architecture firm Studioparisien renovated the building, blending Cartier’s design with SoHo’s industrial and artistic heritage. The space includes a green marble bar with lounge seating, a loft with living and dining areas, as well as a rooftop garden.
The luxury retail comeback is reflected in property values and rents, RFR Principal Gaby Rosen said in prepared remarks. Adirondack Managing Partner Michael Hunter Coghill added that this transaction emphasizes SoHo’s lasting appeal as a prime destination for retail investment.
Manhattan’s increased retail activity
Manhattan’s retail market—driven by strong consumer confidence, increased office occupancy, a tourism boom and the New York Fashion Week—experienced continued growth in the third quarter of this year, according to a recent Cushman & Wakefield report.
Limited availability and strong demand in prime Manhattan retail areas pushed asking rents higher for the eighth consecutive quarter, up 3.1 percent over the year. Among the borough’s submarkets, SoHo witnessed the largest year-over-year asking rent increase (19.0 percent), bringing the average value to $388 per square foot.
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