The Real Deal New York

Ex-Savanna exec to buy Dior retail co-op in Soho for $41M

Sculptor Oded Halahmy in contract to sell space next to his Pomegranate Gallery

June 19, 2015 11:30AM
By Mark Maurer


133-135 and 137 Greene Street in Soho (inset: Kevin Chisholm and Oded Halahmy)

Kevin Chisholm’s 60 Guilders LLC is in contract to acquire a Soho retail co-op occupied by Dior Homme for $41 million, The Real Deal has learned.

The deal would include the 3,200-square-foot, ground-floor Dior space at 133-135 Greene Street, between Houston and Prince streets, as well as 2,500 square feet on the lower level. The Dior men’s store opened in 2012 and has three remaining years on its lease.

Modernist sculptor Oded Halahmy, who runs Middle Eastern art nonprofit Pomegranate Gallery next door at 137 Greene Street, owns the co-op. The upper floors of the six-story buildings at 133-135 and 137 Greene hold residential co-op units. The cast-iron loft buildings, constructed in 1882, were converted to co-op in the early 1980s.

The off-market deal is set to close in the next three weeks, according to sources familiar with the deal.

Dior is considering renewing its lease, sources said. The city’s other Dior Homme location is at 17 East 57th Street.

Chisholm, who served as managing director at Savanna Real Estate Fund from 2006 to 2013, could not be reached for comment.

Meridian Capital Group’s Abie Kassin and David Schechtman, who were brokers on the deal while working at Eastern Consolidated, declined to comment, as did Halahmy.

In Soho, big retail deals are occurring left and right. Zara’s parent company Inditex’s purchase of a retail condo at 503 Broadway broke a neighborhood retail record earlier this year, at more than $20,000 per square foot.

Average retail rents on Greene Street are $600 per square foot. Along Broadway, rents are closer to $975 per square foot.

The pending Greene Street deal “is yet another example of a transaction executed by a buyer capitalizing on the overwhelming investor demand for returns that are based on lofty projections,” said Jared Epstein, Soho Broadway BID founding member and vice president of Aurora Capital Associates, who is not involved with the sale.