NEW YORK CITY—A Soho retail condominium has traded hands for over $24,000 per square foot.
Invesco Real Estate has purchased a 4,500-square-foot spot at 139 Spring St. for over $110 million from Spring & Wooster Co. The seven story-story pre-war boutique loft building houses Chanel as the ground floor tenant. Ezra Saffati, principal of Majestic Acquisitions, represented both the buyer and seller in this transaction.
Located on the corner of Spring Street and Wooster Street, the property consists of 54 feet of frontage with four full-size display windows on Spring Street and an additional 100 feet of frontage on Wooster Street, with nine full-size display windows.
"Spring Street is one of the most expensive and coveted retail addresses in New York City," declares Saffati. "The prestigious fashion house of Chanel has greatly enhanced the value of this property."
Separately, Invesco purchased an 80% stake in the adjacent property, located at 131 Spring St., from SL Green this past July for just over $222 million.
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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.
