Imperium defends $12,000-per-square-foot buy on Prince Street

Firm's principals point to soaring rents in SoHo and Lower Manhattan

TRD New York /
Jun.June 10, 2014 03:13 PM

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


Related Articles

arrow_forward_ios
Albert Laboz of United American Land with 430 West Broadway and 419 Broadway (Credit: Getty Images and rendering via YIMBY)

Laboz family plans 2 office developments
in Soho

Stellar Management founder Larry Gluck with renderings of One Soho Square

Stellar, Imperium lock down $900M CMBS refi for One Soho Square

71 Greene Street with Alexander McQueen's Sarah Burton (Credit: Google Maps and Getty Images)

Alexander McQueen reveals plans for a massive new Soho location

Microsoft is mulling a Soho flagship

Microsoft is mulling a Soho flagship

Fashion company Bestseller inks lease for showroom in Soho

Fashion company Bestseller inks lease for showroom in Soho

Dean & DeLuca struggling to pay its bills

Dean & DeLuca struggling to pay its bills

Hermès to open Soho store

Hermès to open Soho store

Aidan Brooks buys Louis Vuitton-anchored Soho package for $83M

Aidan Brooks buys Louis Vuitton-anchored Soho package for $83M

arrow_forward_ios