The Real Deal New York

Soho buildings trade for $21 million

June 10, 2008 03:28PM
By Adam Pincus

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Real estate developer Cape Advisors sold two adjacent landmarked commercial buildings in Soho for a total of $21.5 million, $8 million more than it paid for them in 2007 and 2006, according to city property records.

Cape Advisors sold the four-story 150 Spring Street for $10 million to a company affiliated with Vornado Realty Trust, while 148 Spring Street, also four stories, was sold for $11.5 million to a company that was not identified.

Both buildings had approved permits for an interior commercial rehabilitation.
Cape Advisors bought the 6,400-square-foot 150 Spring Street for $8.45 million in September 2007, and the 6,000-square-foot 148 Spring Street parcel for $5.02 in August 2006.

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