Creed Equities Buys Mixed-Use SoHo Property at 149 Spring Street for $25M
By Isabelle Durso September 22, 2025 4:30 pm
reprints
A residential and retail building in Manhattan’s SoHo neighborhood has traded hands for $25 million, Commercial Observer has learned.
Creed Equities, a New York City-based family-run investment firm, purchased the eight-story, 19,000-square-foot property at 149 Spring Street from real estate development firm EMP Capital, according to broker JLL.
JLL’s Michael Mazzara, Ethan Stanton, Brendan Maddigan, Steven Rutman, Guthrie Garvin and Hall Oster arranged the deal for the seller and “procured the buyer.”
Spokespeople for Creed Equities and EMP Capital did not immediately respond to requests for comment.
The building between West Broadway and Wooster Street — which EMP Capital bought in February 2022 for $17 million — comprises seven single-floor apartments and 2,254 square feet of vacant retail space on the ground floor, according to JLL. Italian clothing brand Piombo previously occupied the retail space.
“SoHo isn’t just historic architecture and boutique shopping, it’s the epicenter of Manhattan’s retail comeback,” JLL’s Mazzara said in a statement to CO. “Tenant demand for prime storefronts is driving rents to record-breaking levels.”
SoHo retail rents increased 9 percent during the second quarter of 2025 compared to the same period last year, according to JLL. The average asking rent for retail space in SoHo was $388 per square foot during the second quarter, Cushman & Wakefield found. 149 Spring Street is close to several luxury retailers in SoHo, including Gucci, Celine and Saint Laurent.
Apartments at 149 Spring Street also currently rent between $15,000 per month for a three-bedroom and $23,000 per month for a five-bedroom, according to StreetEasy.
It’s unclear why EMP Capital decided to offload the property, but news of the deal comes after the developer secured financing for one of its Brooklyn projects in June.
In that deal, EMP Capital secured a $39.8 million refinancing loan from JLL Real Estate Capital for three commercial condominium units at its 979 Pacific Street development in Crown Heights, as CO previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
