RKF has arranged the $48.5 million sale of a six-story, 18,850-square-foot mixed-use building at 138 Spring Street in SoHo.
Though the closing was delayed as the seller sought appropriate 1031-exchange properties, the firm found a buyer for the property in December of last year after hitting the market during the prior month.
RKF brokers described the brisk sale as reflective of “extremely high” investor demand for buildings on Spring Street and in SoHo at large.
“We had people all over us on that process,” RKF’s Jeff Fishman, who represented the buyer and seller with Brian Segall, Andrew Jacobs and Jonathan Butwin, told The Commercial Observer. “It was extremely active during the short time it was on the market.”
Located on the southeast corner of Wooster Street, 138 Spring Street encompasses 2,000-square-feet of ground floor and 2,600-square-feet of lower level retail space, both of which are occupied by high-end eyewear retailer ILORI.
The balance of the corner property consists of 14,250-square-feet of full-floor commercial loft space, which features high open ceiling and abundant windows, Mr. Fishman said.
The sale is the latest in a string of SoHo property deals worth upwards of $125 million that RKF has arranged within the past few years, as retail rents climb to historic levels. Among them, the firm arranged the sale of a 7,580-square-foot mixed-use building at 154 Spring Street earlier this year for $17 million.
Spring Street, between West Broadway and Broadway, has become one of the most desirable side streets in Manhattan, as new luxury residential developments lure the young and affluent, further encouraging commercial demand in SoHo. With median apartment values above $3 million, SoHo was ranked by Forbes magazine in 2012 as the “Most Expensive Zip Code” in New York City.
The seller was Rivercrest Realty Investors, and the buyer was identified as 138 Spring Owners, LLC.