The Real Deal New York

Invesco buys Soho retail condo housing Chanel for $112M

Price amounts to over $25K psf, a neighborhood record

January 19, 2016 10:10AM

139 Spring Street (inset: Invesco's Marty Flanagan)

139 Spring Street in Soho (inset: Invesco’s Marty Flanagan)

Invesco Real Estate paid top dollar – $112 million, or over $25,000 per square foot – for a Soho retail condominium long occupied by Chanel.

The firm bought the 4,465-square-foot space at 139 Spring Street from an entity called Spring & Wooster, LLC, a group of the building’s condo owners. According to public records, the group is led by managing member Lisa Fromartz.

The 38,000-square-foot building was converted to condos in 2000. It contains nine residential condo units along with the retail condo.

Asking rents in the neighborhood can cross $1,000 per square foot, the New York Post reported.

The building is designated 2C in the tax code, a status the limits assessment increases at the property to 8 percent a year. Invesco will pay about $50,000 a year in taxes on the property, the Post reported.

Back in July, Invesco bought an 80 percent stake in the nearby 131 Spring Street, paying $222.2 million to SL Green. That building is occupied by Burberry and Diesel.

Majestic Acquisitions principals Ezra Saffati and Ross Mezzo arranged the off-market deal. [NYP]Ariel Stulberg

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