Centurion Realty Sells Mixed-Use Building in SoHo for $58M

Midtown-based real estate firm Centurion Realty has offloaded a mixed-use property in Manhattan’s SoHo neighborhood at a bit of a discount.

Centurion sold the residential and retail building at 68-74 Thompson Street to Long Island-based real estate investor Soheil Khayyam for $58 million, The Real Deal reported. Centurion bought the property for $62 million in 2018, as Commercial Observer previously reported.

A spokesperson for Centurion did not immediately respond to a request for comment, while Khayyam could not be reached for comment. Marcus & Millichap’s Joe Koicim, who brokered the deal for both sides, also did not immediately respond to a request for comment.

The six-story property on Thompson Street between Broome and Spring streets covers two lots and contains 75 residential units as well as four ground-floor commercial retail units.

Apartments at the building currently rent for between $3,800 per month for a studio and $6,700 per month for a two-bedroom, while current retail tenants include sushi restaurant Shoshin68, the Barber barbershop, and coffee shop 787 Coffee.

Details about the buyer are few, but CO reported in January that Khayyam sold the apartment building at 467 10th Avenue in Hudson Yards to Related Companies and Oxford Properties Group for $52 million. The deal was part of Related’s office development plans at 70 Hudson Yards.

Khayyam’s deal to acquire 68-74 Thompson Street in SoHo is also one of many sales going on in the neighborhood lately.

In January, Manhattan-based developer Evergreen Peak bought the mixed-use office and retail building at 90 Wooster Street for $43.7 million, while the Sapir Organization sold the NoMo SoHo hotel at 9 Crosby Street for $121 million in February.

Isabelle Durso can be reached at idurso@commercialobserver.com.