NEW YORK CITY-Eastern Consolidated on Thursday said it brokered the sale of 72-76 Greene St. for $41.5 million, which equates to $1,186 per square foot, to Chicago-based L3 Capital with partner ASB Capital Management. Adelaide Polsinelli—the company’s senior director and an industry power player on Real Estate Forum’s Women of Influence list—was the sole broker on the all-cash deal, according to a release.
Eastern brokered the deal on behalf of BSJ Soho, an affiliate of the apparel company Bear USA. Situated between Spring and Broome streets, the five-story mixed-use elevatored 38,000-square-foot building in Soho’s Cast Iron Historic District contains two retail spaces, three commercial units and three residential rent-stabilized lofts.
Dubbed “The King of Greene Street,” because it represents one of the best examples of French Reniassance/Second Empire styles in the area, the release says, the sale marks the third time the building has changed hands. Constructed in 1873 by architect Isaac Duckworth and owned at various times by Steve Witkoff, Gary Barnett and David Slaven, the building was most recently home to an Apple Computer store in one of its retail spaces.
The Apple store was only temporary while the company revamped its Prince Street location; it abandoned the Greene Street store in September, according to the New York Times. The new owner is working to secure a new retailer to take up Apple’s vacated space on the ground, second and basement levels.
Dedon Furniture currently occupies the north store. The building originally served as a warehouse belonging to dry goods dealer Gardener Colby.
After working on the transaction for three years, Polsinelli finally pulled it off as a result of her own tenacity, as well as that of both Eastern Consolidated and its client, BSJ SoHo.
“In addition to Eastern Consolidated’s hat trick of selling this three times, after two previous failed transactions, I was able source the ultimate purchaser, an out of state buyer, who performed as promised and without a hitch,” she says in the release. “Fortunately, the seller Tom Hong, managing director of BSJ SoHo, remained convinced that I would find the right buyer for his off-market trophy property.
“It was a nail-biting transaction,” she continues, “especially since at the eleventh hour last minute offers came in aggressively trying to break my deal. Fortunately, my buyer and seller understood that no one else would really close the deal at this price, without conditions and by year end.”
The fact that the third time was the charm for Eastern was also due to market conditions, Polsinelli tells GlobeSt.com.
“Soho is on fire—it’s smoking hot right now,” she declares. “There’s so much activity on sales and leasing; tenants want to be there and retailers are trying to get a presence.
“Broadway had been the place to be, but now it’s the side streets because values are considerably low. On Broadway, rents are rising above $600 per square foot whereas on Mercer Street they’re going for $400 a foot and Greene Street is at $300 is rising,” she says.
Of course, those numbers make the sale even more of a coup for Polsinelli as the price allows the owner to bring in very close to double what the comp set is commanding. “This is a per square foot record for the sale of a building like this, that features retail space and rent stabilized units, and certainly it’s a record for Greene Street,” she says.