Bobby Cayre to pay record price for Soho retail property

Retail real estate investor Bobby Cayre’s planned $42 million acquisition in Soho would be the highest price per square foot ever paid for Soho retail. The 2,750-square-foot ground floor retail space at Soho’s 114 Prince Street would set him back a record $15,336 per square foot.

The property was sold on behalf of an Irish family by Eastdil Secured duo Adam Spies and Douglas Harmon, the New York Post reported. The current tenant, women’s clothier Karen Millen, will vacate the building by April, sources told the newspaper, and Cayre’s Aurora Capital Associates will hunt for a tenant willing to pay about $1,200 per square foot, the Post said.

The previous record was $15,100 per foot, for the 24,800-square-foot St. Regis Hotel New York, according to the Post. Swiss concern Richemont North America nabbed the retail condominium for $380 million last year. [NYP, 2nd item]  – Hiten Samtani