Northwood Investors is acquiring two 11-story office-and-retail buildings in the SoHo neighborhood for around $325 million, according to a report in the Wall Street Journal.
The seller of the properties, which features 180,000 square feet of office space and 60,000 square feet of retail space, is a family that owned the building for decades, the WSJ reports. It began marketing the buildings, which are 90% occupied, before the pandemic.
Like much of New York, SoHo has been hard hit by the pandemic, although some small signs of life have been emerging. In March, as one example, luxury Italian fashion house PINKO has signed a 5,000-square-foot lease for a new US flagship location in the area. And luxury retailer Valentino took 8,718 square feet at 135 Spring Street, near the PINKO location.
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The transaction also speaks volumes about the slowly improving health of New York City's investment sales market. Last week SL Green announced that it sold 635-641 Sixth Ave., for $325 million, or approximately $1,200 per square foot.
"New York City's revitalization continues as does the demand for Class A office buildings," said SVP Harrison Sitomer, in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
