RFR Sells SoHo’s 102 Greene Street to Japanese Conglomerate for $46M
By Isabelle Durso November 11, 2024 1:03 pm
reprints
RFR Holding has offloaded a property in SoHo to a private buyer for $46 million, Commercial Observer can first report.
RFR sold its retail building at 102 Greene Street — which is currently fully occupied by luxury retailer Cartier — to a Japanese conglomerate, according to sources. The conglomerate’s identity couldn’t immediately be gleaned, but sources familiar with the sale said the building traded at a 4.2 percent cap rate.
“RFR’s successful investment in 102 Greene Street was grounded in the belief that the period of elevated retail vacancy in New York was rapidly coming to an end, and demand from luxury retailers in the city’s best neighborhoods would come back strongly,” Gabriel Rosen, principal at RFR, said in a statement.
The four-story 102 Greene Street was built in 1881 and has 11,442 square feet of space, according to RFR’s website. RFR acquired the building between Spring and Prince streets in 2022 for $31.5 million with hopes that SoHo’s “high-end luxury retail would make a strong comeback,” RFR said.
Indeed, luxury retailers flocked to SoHo following the pandemic. That includes Balenciaga’s 7,000-square-foot lease at SL Green Realty’s 110 Greene Street in 2022, and Cartier’s four-story flagship at 102 Greene Street, which includes a gallery, a speakeasy-style lounge, studios, and a rooftop garden.
Adirondack Capital Partners’ Michael Hunter Coghill brokered the off-market sale, according to RFR. A spokesperson for RFR declined further comment.
“We are pleased to have worked with RFR on the successful disposition of this trophy high street asset,” Coghill said in a statement. “This transaction underscores SoHo’s enduring appeal as a prime destination for global capital, renowned for its vibrant cultural landscape and world-class retail experience.”
And, while SoHo has certainly rebounded from the pandemic as arguably the city’s hottest shopping destination, there’s been plenty of business for luxury retailers along Fifth Avenue as well.
In January, Kering, which owns brands Gucci and Yves Saint Laurent, bought a retail condominium at 715-717 Fifth Avenue for $963 million, as CO previously reported. Kering will likely use the property as a new home for Gucci.
“Global luxury retailers are investing heavily in New York to create flagship experiences for their best customers, and this is reflected in rents and property values,” Rosen added.
Cathy Cunningham contributed reporting to this article.
Isabelle Durso can be reached at idurso@commercialobserver.com.
