NEW YORK CITY-KBS Realty Advisors, a Newport Beach, CA-based private equity real estate company, in partnership with the Kaufman Organization has sold 130 Prince St. to Waterman Interests LLC for $112 million. The 87,800-sf, low-rise office and retail property is located at the corner of Wooster Street and is currently 100% leased.

Waterman formed an equity joint venture to acquire the property with institutional advised by JPMorgan Asset Management-Real Estate. Waterman Interests will serve as the managing member of the ownership entity and will provide all property management, leasing and financing services.

Completely reconstructed in 1989, the property’s largest tenant is a division of cosmetics company Estée Lauder Inc., which leases all of the building’s office premises through 2018. The building’s retail tenants, which comprise 12,500 sf, include Lacoste, Swiss Army, Stuart Moore, Melru, True Religion and Georg Jensen.

“We are delighted to own the highest quality asset in SoHo—a property whose value will only improve as lower Manhattan continues its renaissance in tandem with our asset strategy,” says Philip Waterman III, founder and managing member of Waterman Interests, who previously ran the New York City division of Reckson Associates Realty Corp. prior to its merger with SL Green Inc. He formed Waterman in February 2007.

“I had always had a bullish view on SoHo,” Waterman tells “Gaining an asset with great quality in an unparallel location, along with great credit from an investment loan standpoint, is a wonderful way to launch the business.”

Waterman continues to explain a number of aspects about the property that attracted him. “A number of the retail tenants will have leases expiring in the next few years, which means there will be retail repositioning, the market has a run-up in valuation and there are great returns in this prime location.”

CB Richard Ellis represented the ownership of the property in the sale transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.