Waterman puts 130 Prince Street on the market

TRD New York /
Mar.March 22, 2012 08:30 AM

Waterman Interests is seeking a $150 million buyer for its Soho office tower, Crain’s reported. The Tod Waterman-led firm has hired Eastdil Secured to shop 130 Prince Street, a 77,000-square-foot office building between Wooster Street and West Broadway.

The property, which was purchased in 2007 with JPMorgan Asset Management, was Waterman’s first acquisition and set a Soho price record at the time, costing about $1,272 per square foot. Brokers in that deal, CBRE’s Darcy Stacom and Bill Shanahan, said the 15,000-square-foot retail space drew the high price, according to published reports.

Waterman took out a $70 million loan on the property that matures in July but Crain’s said that was not a factor in the sale. Instead he wants to use the proceeds to make more investments in Manhattan.

Waterman renovated the building, which has a Cole Haan shop and MAC Cosmetics outpost on its ground floor and is preparing another retail space for designer Monika Chang. [Crain’s]


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