The Real Deal New York

Sitt Asset inks contract for 90 Prince Street in Soho: sources

January 29, 2014 03:45PM
By Adam Pincus

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Kemp-90-Prince-Soares

From left: Karen Kemp, 90 Prince Street (Photo credit: Google) and Daniel Soares

The retail-focused investment firm Sitt Asset Management inked a contract this month to buy the retail condominium at the base of the eight-story residential building 90 Prince Street in Soho, industry sources said.

The Midtown-based firm, headed by brothers Ralph, Eddie and David Sitt, signed the contract for $49 million, one source said, while another source said the actual price was lower. A Sitt Asset representative declined to comment.

The 36-foot-wide building is located between Broadway and Mercer Street in the heart of Soho across Prince Street from Prada’s store at 575 Broadway.

The seller is the Doria family, which owns the popular Grace’s Marketplace on the Upper East Side. Calls left with the grocery company were not returned.

This purchase would add to Sitt Asset’s significant holdings in Soho, including 113, 138, 145 and 169 Spring Street and 450 Broadway.

Italian designer Moncler occupies 2,727 square feet of ground-floor retail, information from PropertyShark shows.

The luxury jacket maker moved into the space in 2010 after signing a deal in 2009. At the time, average asking rents on Prince Street in Soho were $378 per square foot, CBRE Group reported. Last year, the commercial firm Newmark Grubb Knight Frank estimated that rents on Prince Street ranged from $700 per foot to $800 per foot.

Cosmetics retailer NARS inked a deal for a small space at 124 Prince Street for what sources said was $1,100 per foot.

Industry insiders said Moncler is currently paying about $830,000 per year in a lease that runs for another seven years. Moncler did not respond to a request for comment.

Karen Kemp and Daniel Soares of the Corcoran Group are marketing the condo, insiders said, but the firm did not respond to a request for comment.

  • elliman

    $18,000 a foot? How is that possible?

    • Sol Goldman

      Magic in the making

      • Intheknow

        The asking rent prices in the area have grown by almost 200% in 4 years. With growth rates like that, you don’t buy this expecting a great entry cap… Even if the recession was bad, prices didn’t tumble enough to make that kind of growth possible from just “recovering”.

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