Fledgling development firm Squire Investments has made its first purchase, a five-story mixed-used building in Soho, for $15 million.
Led by principals Ryan Solomon and Jared Siegel, Squire acquired 43 Crosby Street in an off-market deal that closed October 29. The deal is the first for the Manhattan-based company, which launched last year.
The 14,000-square-foot building at 43 Crosby contains ground-floor commercial space, three full-floor residences and a duplex penthouse designed by Pritzker Prize-winning architect Tadao Ando. The five-story building includes ground-floor commercial space that currently houses the Soho Synagogue, which reportedly signed a $20,000-a-month lease in 2009. Loft units above the synagogue were also leased in 2009, including a 3,250-square-foot unit leased for $10,000 a month, according to StreetEasy data. Siegel and Solomon declined to comment on plans for the property.
Town Residential’s Stephen Ferrara represented Squire, while his colleague Bo Poulsen represented the seller, identified in public records as a Tokyo-based limited liability company that purchased the building for $7.5 million in 2005.
43 Crosby was originally listed at $22 million by Douglas Elliman in January 2008, according to StreetEasy. It was taken off the market later that year, and the price was subsequently slashed to $17.8 million, $16.9 million and finally $15 million.
According to Siegel, Squire (which is among several new developers in the city) is looking to invest around $100 million in real estate in 2015, and will finance deals via institutional lenders, commercial loans, personal capital and backing from private investors.
Siegel, an alum of SJP Properties, and Solomon, an alum of JLL, met at the University of Michigan. They both come from prominent real estate families; Siegel is the son of Stephen Siegel, chairman of global brokerage at CBRE. Solomon’s father, Marc Solomon, is a principal and managing director of Finmarc Management, a Washington, D.C.-area real estate firm.