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Owner Fires One Firm, Hires Another to Scout SoHo BTS Deal

NEW YORK CITY-The owner of prime SoHo real estate has fired one broker and hired another in hopes of securing a build-to-suit deal. The new marketing team is guardedly optimistic about closing a deal despite the current economy. The former broker, however, says the owner's greed has scuttled every offer to develop the property.

By Glen Thompson | Updated on October 30, 2001

NEW YORK CITY-A corner lot in SoHo, long known as the seasonal home of the Spring Street Flea Market, is once again being shopped as a build-to-suit property. The owner of the highly visible parcel on the southwest corner of Spring and Wooster streets has a new broker that is marketing the site as a rare chance for a swank retailer to establish a major presence in one of the city’s most stylish and pricey neighborhoods. But sources close to the situation say that despite its prime location, the lot remains vacant because the owner refuses to budge on price.

Located at 144 Spring St., the vacant parcel should be attractive to high-end retailers looking to tap into SoHo’s unique mix, which finds classic stores such as Chanel and Burberry sharing expensive frontage with ultra-hip boutiques, restaurants and clubs. Zoned for a five-story structure, the property has 20 feet of frontage on Spring Street and 80 feet on Wooster Street. It is owned by 144 Spring Street Realty LLC, which a source close to the deal says is controlled by developer Henry Hay, owner of at least two other retail spaces in SoHo.

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