Centurion Realty has been buying up Soho properties in recent months, but this time around the Flushing, Queens-based firm is trimming its holdings in the coveted neighborhood. Led by Ralph Tawil, Centurion Realty sold a five-story, mixed-use building at 5-7 Mercer Street for $16.5 million, more than double the purchase price in 2007, according to property records filed today.
Tawil bought the 21,000-square-foot walk-up property near Howard Street for $7 million. The site is fully leased, with nine rental units and a retail space housing the first New York City store of Irish fashion designer Orla Kiely. [more]