Vornado grabs Soho retail for $31M

New York /
Aug.August 24, 2012 08:30 AM

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


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Andrew Penson and SL Green in fight to control Times Square hotel
Andrew Penson and SL Green in fight to control Times Square hotel
Andrew Penson and SL Green in fight to control Times Square hotel
Renderings of 2 Penn with Vornado CEO Steven Roth and MSG Entertainment CEO James Dolan (Vornado, Getty)
MSG Entertainment re-ups at Vornado’s 2 Penn for 428K sf
MSG Entertainment re-ups at Vornado’s 2 Penn for 428K sf
Boston Properties’ Owen Thomas, Vornado Realty Trust’s Steve Roth, Paramount Group’s Albert Behler, SL Green’s Marc Holliday and Empire Real Estate Trust’s Tony Malkin  (iStock, slgreen.com, vno.com, paramount-group.com, esrtreit.com, LinkedIn)
Office landlords profess optimism despite dip in occupancy
Office landlords profess optimism despite dip in occupancy
Vornado Realty Trust CEO Steven Roth with 220 Central Park South (Getty)
Vornado’s 220 Central Park South approaches $3B in total sales
Vornado’s 220 Central Park South approaches $3B in total sales
Governor Kathy Hochul (Getty)
Hochul downsizes Cuomo’s Penn Station plan
Hochul downsizes Cuomo’s Penn Station plan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...