NEW YORK CITY—ASB Real Estate Investment has closed on its acquisition of majority ownership in 155 Mercer St.—the location of Dolce & Gabbana's flagship store here, in SoHo—for $93 million.
The investment forms a joint venture with Thor Equities, which retained a small stake in the property that it previously owned in full. The transaction was completed by ASB on behalf of its Allegiance Fund, a $6.2 billion core investment vehicle.
The three-story, 14,600-square foot, high-street retail building, constructed as a firehouse in 1854, will be transformed into a trophy shopping location. The property features 45 feet of frontage along Mercer Street's “Luxury Row,” a one-block stretch that includes stores for Marc Jacobs, Marni, Tory Burch, Balenciaga, Prada, Versace, and Vera Wang.
The renovated building will feature a restored façade as well as a new storefront, building systems, elevators, skylight windows, oversized floor-to-ceiling, arched windows and unobstructed floor-to-ceiling glass windows to help create a selling space. The Prince Street/Broadway subway station is one block away connecting to East Side, West Side and Brooklyn destinations.
Says Brodie Ruland, ASB SVP and Northeast region head, “155 Mercer is one of the most prominent retail locations in SoHo, which has become one of Manhattan's most desirable districts for high fashion retailers.”
ASB now has 15 retail, office, and residential investments here totaling approximately $1.1 billion. Since 2012, ASB and Thor have invested together in eight retail assets in New York, Miami, Chicago and Los Angeles.
The investment forms a joint venture with Thor Equities, which retained a small stake in the property that it previously owned in full. The transaction was completed by ASB on behalf of its Allegiance Fund, a $6.2 billion core investment vehicle.
The three-story, 14,600-square foot, high-street retail building, constructed as a firehouse in 1854, will be transformed into a trophy shopping location. The property features 45 feet of frontage along Mercer Street's “Luxury Row,” a one-block stretch that includes stores for Marc Jacobs, Marni, Tory Burch, Balenciaga, Prada, Versace, and Vera Wang.
The renovated building will feature a restored façade as well as a new storefront, building systems, elevators, skylight windows, oversized floor-to-ceiling, arched windows and unobstructed floor-to-ceiling glass windows to help create a selling space. The Prince Street/Broadway subway station is one block away connecting to East Side, West Side and Brooklyn destinations.
Says Brodie Ruland, ASB SVP and Northeast region head, “155 Mercer is one of the most prominent retail locations in SoHo, which has become one of Manhattan's most desirable districts for high fashion retailers.”
ASB now has 15 retail, office, and residential investments here totaling approximately $1.1 billion. Since 2012, ASB and Thor have invested together in eight retail assets in
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