Shawn Katz’s KUB Capital, a New York City real estate firm specializing in acquisitions, development and management of properties, has contracted to acquire 146-150 Wooster Street, between Houston and Prince Streets in Soho, in Lower Manhattan, for $50 million, according to a report in The Real Deal.
The one time garage was turned into a retail outlet for baby stroller manufacturer Maclaren almost thirty years ago, when their affiliate company MTM Associates paid $800, 000 for the property back in 1986.
The Maclaren strollers showroom opened in 2007, next to a parking lot operated by Albro Parking Corp.
The two separate lots will offer 36, 700 square feet of building space.
The deal is expected to close in September.
Just two years ago, Maclaren, which had filed for Chapter 7 liquidation in late 2011, planned on tearing down the one story building in order to build an eight floor condominium apartment building with 15 units. Even though the Landmarks Preservation Commission of New York had approved the plan, it was torpedoed by a lawsuit brought by a group of Soho artists who asserted that the development would damage the character of the street. They also complained that it would block sunlight and bring in too many pedestrians to the area.
It is not yet clear what the new owners plan on doing with the site.
Shawn Katz is a Managing Member and co-founder of KUB. He is responsible for overseeing all functions of the business with an emphasis on corporate and investment strategy, capital markets and financial and risk management.
During his career, Shawn has overseen acquisitions of 9.1 million square feet of commercial real estate in the US, deployed over $423 million of investor equity, and completed transactions of $1.2 billion in value. Prior to co-founding KUB, Shawn was Senior Vice President at Rosemont Realty, where he managed the company’s acquisition department and was a member of the company’s investment committee.