The Real Deal New York

Vornado grabs Soho retail for $31M

August 24, 2012 08:30AM

Vornado Realty Trust’s latest Manhattan retail play is in Soho. The firm purchased 9,200 square feet of selling space at 501 Broadway, between Spring and Broome streets, for $31 million, the New York Post reported (note: correction appended). The space also has frontage at 72 Mercer Street and is occupied by Necessary Clothing. The sale works out to about $3,600 per square-foot, but only 3,800 of the space’s footage is ground-level, much of the rest is located in a selling basement.

The off-market deal was brokered by Itzhaki Properties; Edan Cohen represented Vornado while Amir Aframian represented the unnamed seller, who is a local investor.

The deal marks the third big retail transaction for Steven Roth’s firm this summer. The trust famously purchased the retail space at 666 Fifth Avenue, and earlier this month reached an agreement to develop selling space on the ground floor of the Marriott Marquis in Times Square. However, the Post noted the firm has sold three retail condos in Soho this year. [Post] — Adam Fusfeld