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Soho Landmark Trades for $46M

NEW YORK CITY-A joint venture picks up a Soho landmark for $46 million. The 78,000-sf site is fully leased.

By Barbara Jarvie | Updated on January 03, 2006

NEW YORK CITY-A joint venture comprised of KBS Realty Advisors and George Kaufman and Bob Savitt of the Kaufman Organization acquired 130 Prince St. in Soho for approximately $46 million. The landmark was built in 1925 and refurbished in 1989. Richard Talmadge was the seller.

The six-story, 78,000-sf building has 65,000 sf of class A office space as well as 13,000 sf of retail space. The office space is fully leased to the Arnell Group, a subsidiary of Omnicom and MAC Cosmetics, which is a subsidiary of Estee Lauder. The retail portion is taken up by Lacoste, Swiss Army Retail, among others. A CB Richard Ellis team brokered the deal for KBS/Kaufman. Talmadge was represented by CBRE’s Bill Shanahan. The property will be managed by Kaufman Management with Kaufman/Adler Realty overseeing the leasing.

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