Imperium Capital bet big on a small chunk of Manhattan real estate earlier this year, and the duo behind the firm has no regrets.
Principals Sam Schneider and Dan Glaser purchased the 650-square-foot, ground-floor retail space at 123 Prince Street for $8 million in May. That’s a stunning $12,300 per square foot. The pair calculates that the buy will pay off in the future.
“We pay up for properties,” Schneider told Crain’s. “In world-class neighborhoods, even if we overpay, at some point the market catches up.”
The plan could pan out. Retail rents in SoHo and lower Manhattan have been on the rise, surging 53 percent in the final quarter of 2013, The Real Deal reported in January.
Imperium is no stranger to big buys, often with the backing of well-capitalized partners. Last year, Schneider and Glaser paired up with Centurion Realty and paid $80 million for a retail condominium at 40 Mercer Street. [Crain’s] – Tom DiChristopher