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A Soho MXD Sells for $81M

NEW YORK CITY-The building is of medium size, but its prime location drove the deal price.

By Rayna Katz | Updated on June 12, 2013

NEW YORK CITY-Real Estate Equities Corp. announced Wednesday it has acquired 375 West Broadway through a joint venture, with the buyers paying $81 million for the property. The mixed-use building is just 60,000 square feet of office and retail space, but commercial rents in Soho can run as high as more than $700 per-square foot, according to recent retail reports.

The retail is 16,000 square feet with upscale clothing store Anthropologie as the main tenant currently, and 45,000 of commercial space. There is great potential with this building, according to the announcement, because it has retail expansion possibilities and most leases are under market.

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