NEW YORK CITY—SL Green Realty Corp. has acquired the retail property at 102 Greene St. for $32 million. The transaction marks the continued growth of the company's retail property portfolio, which already includes several other assets in Manhattan's popular Soho retail district.
Spanning just 9,200 feet, sources say SL Green paid a hefty per-square-foot price for the property. A spokesman for the REIT did not respond to a request for comment from GlobeSt.com.
RKF's Jeff Fishman, president of investment sales, along with Ross Berkowitz, senior director, represented the seller and procured the purchaser. Fishman represented BLDG Greene Street LLC in their purchase of the property for $11.9 million in June 2012.
The 9,200-square-foot asset currently features the Galeria Melissa footwear store and also includes two residential units and 5,500 square feet of development rights. The building sits on what is becoming one of the top luxury boutique blocks of SoHo between Prince street and Spring street, across the street from Tiffany and Co. and surrounded by such tenants as Ralph Lauren, Apple, Etro, Fendi, Dior, Chloe, and Louis Vuitton.
The transaction is the latest in a series of recent acquisitions in SoHo by SL Green, establishing the company's strong presence in the submarket. Area holdings already include interests in 121 Greene St., 115 Spring St., 131-137 Spring St. and 530-536 Broadway. SL Green's growing SoHo portfolio complements its major retail investment interests in other heavily-trafficked New York City locations, including Midtown's Fifth Avenue corridor, Madison Avenue and Times Square.
Says SL Green managing director Brett Herschenfeld, “SoHo has experienced a tremendous surge in upscale shopping, fueled by both tourism and evolving demographics. We expect the current trends to continue for the long-term, based on the strong economic outlook and compelling neighborhood features. SL Green will now reposition the property, consistent with our other investments in the area.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
