Infinity Real Estate Snaps Up 40 Bleecker Street’s Retail Component for $13M 

The holiday season is firmly upon us, and the rush to add SoHo and SoHo-adjacent retail to holiday wish lists shows no sign of slowing down anytime soon. 

Infinity Real Estate has acquired the retail component of 40 Bleecker Street, just north of Houston Street in Manhattan’s NoHo neighborhood, Commercial Observer has learned. 

The firm paid $13.3 million to Broad Street Development and Crow Holdings for the 10,500-square-foot retail condominium, which sits at the base of a luxury condo building. 

“New York’s real estate market continues to prove its resilience after COVID with core submarkets such as Noho leading the way with innovative and experience-driven consumer retail,” Steven Kassin, managing partner at Infinity Real Estate, told CO. 

Broad Street purchased the building’s site — at the corner of Bleecker and Mulberry streets — in 2014. The firm constructed 61 luxury condo units across 12 floors atop the retail component, and sold the final unit in 2021, according to Crain’s New York Business. Due to the thriving demand for SoHo-area retail, the owners decided to part ways with the retail portion, sources said. 

The retail condominium consists of four spaces, one of which is vacant. Three wellness-focused tenants occupy the other three spaces: Clean Market, founded by Equinox president Jeffrey Weinhaus, leases 2,500 square feet; botox studio Peachy leases 3,000 square feet; and Great Many, a hair restoration facility from the founder of Heyday Spa, leases 2,600 square feet. 

Kassin and David Berg, a partner at Infinity, led the deal on the firm’s behalf, while Newmark’s Brett Siegel, Ariel Schuster and Maurice Suede negotiated the transaction behalf of the seller. It wrapped on Dec. 12. 

“40 Bleecker signifies our interest in redeploying capital back to New York, particularly in the retail sector, which has always been a core focus for much of the company’s history” Infinity’s Berg said. 

Infinity Real Estate has been making big moves in South Florida in recent years, but is turning its attention to its home turf of New York City with this recent buy. Infinity focuses on both debt and equity investments in core urban and suburban markets. 

Selling SoHo and NoHo retail is nothing new for the Newmark team, who’ve been busy carving out a niche in the sector. In the past 40 days alone, they negotiated the sale of 512 Broadway to Spanish billionaire Isak Andic, 92 Greene Street to Acadia Realty Trust, and a four-property retail portfolio at 61 Crosby Street, 72-76 Greene Street, 415 West Broadway and 465 Broadway to Blackstone. 

And it’s not just Newmark doing deals in the neighborhood. Retail buildings have been flying off the shelves in recent months with the neighborhood seeing a dollar volume of $259.8 million in investment sales as of early November, $101.1 million of that for retail properties.

Broad Street and Newmark didn’t immediately return requests for comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.