Blackstone has struck a deal to acquire a retail portfolio in the SoHo submarket of Manhattan for $197.5 million.
The collection of properties includes four assets, taking up 131,000 square feet in total. The names of the properties were not clear but they are leased to office boutique and retail brands including ECCO, Ganni, Comcast Ventures, and Amiri.
Blackstone highlighted some key fundamentals of the SoHo market. According to the alternative investment giant, the region averages more than two million visitors per month now, sitting above pre-pandemic levels. Rents for retail are up by more than 50 percent in SoHo over the past few years. Plus, thanks to strong leasing activity, there are less than five availabilities in the prime SoHo corridors.
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