Published On: Thu, Nov 6th, 2014

SL Green Buys Soho Property for $32.5 Million

102 Greene Street

SL Green Realty Corp., New York City’s largest commercial property owner, announced that is has acquired the retail property located at 102 Greene Street for $32.25 million.

Built in 1910 with three floors, the 9, 200 square foot building is currently home to the Galeria Melissa footwear store, and also includes two residential units and 5, 500 square feet of development rights. The building is located on what is becoming one of the top luxury boutique blocks of SoHo between Prince Street and Spring Street, across the street from Tiffany and Co. and surrounded by such tenants as Ralph Lauren, Apple, Etro, Fendi, Dior, Chloe, and Louis Vuitton.

One of its apartments is a loft with 2 bedrooms and one bathroom over 1, 800 square feet of space. The ceilings are over 12 feet high, there are original wide plank oak wood floors, a huge dressing room and a country eat in kitchen. It was once occupied by the famed artist Buffie Johnson and has been painted by Picasso and photographed by Weston. The apartment currently rents for almost $6, 000 a month.

The transaction is the latest in a series of recent acquisitions in SoHo by SL Green, establishing the Company’s strong presence in the submarket. Area holdings already include interests in 121 Greene Street, 115 Spring Street, 131-137 Spring Street and 530-536 Broadway. SL Green’s growing SoHo portfolio complements its major retail investment interests in other heavily-trafficked New York City locations, including Midtown’s Fifth Avenue corridor, Madison Avenue and Times Square.

SL Green Managing Director Brett Herschenfeld commented, “SoHo has experienced a tremendous surge in upscale shopping, fueled by both tourism and evolving demographics. We expect the current trends to continue for the long-term, based on the strong economic outlook and compelling neighborhood features. SL Green will now reposition the property, consistent with our other investments in the area.”

Jeffrey Fishman and Ross Berkowitz of RKF represented the seller in the transaction.

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