More Soho Retail on the Market, Broker Says

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A Soho space that rents to Nike, among other high-end retailers, is on the block and expected to fetch $18 million or above, sources told The Commercial Observer today.

Nike's home is up for grabs.The 27,750 square foot building—25-27 Mercer Street–includes a five-story mixed-use loft building at 25 Mercer Street and the three-story 27 Mercer Street.  The buildings are separate but on one parcel of land.

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The residential units can be sold off separately after acquisition, said David Schechtman, who is part of a team marketing the property at Eastern Consolidated. He added that the building has a lead bidder and several backup buyers at this time.

Tenants at the two buildings include the tennis-shoe brand perhaps best known for its ads, as well as Toto, a manufacturer of plumbing products, and Surface to Air, a French fashion retailer.

Mr. Schechtman is bullish to say the least. He said the seller decided to market the property because “the market is finally recognizing that Soho [retail] is more valuable than retail in London or Tokyo!”

The seller is Aion Partners, a New York-based real estate investment fund.

The Eastern Consolidated team selling the plot consists of CEO Peter Hauspurg as well as Mr. Schechtman, Lipa Lieberman, Marion T. Jones and Gary Meese.