L3 buys Soho resi co-op for $42M, plans office conversion

Unit owners and retailer Carson Street vacated prior to sale

New York /
Feb.February 01, 2016 05:50 PM

In 2014, the owners of co-op units at a Soho apartment building decided to join forces to sell their homes. Now, L3 Capital, a Chicago-based investment firm that specializes in retail properties, is buying the property for $42 million, with plans to convert it to an office building.

The deal at 61-63 Crosby Street, which closed Monday for $2,040 per square foot, is a rare example of a co-op building’s residents banding together to not only sell their property, but also to vacate it prior to the closing.

The 20,600-square-foot building, located between Spring and Broome streets, holds seven loft apartments and a ground-floor retail space formerly occupied by clothier Carson Street. It comes with 6,500 square feet of air rights.

L3 plans to begin the office conversion later this year. The retail component, which shares the ground floor with one of the apartments, could be expanded as part of the repositioning, said Eastern Consolidated’s Adelaide Polsinelli, who represented the firm in the deal. Meridian Capital Group’s David Schechtman and Abie Kassin and Eastern’s Michael Coghill represented the seller. Schechtman and Kassin were brokers at Eastern when the property hit the market for $50 million in 2014.

Carson Street moved last month to a 3,300-square-foot space at 20 Greene Street, also in Soho.

The Italianate and neo-Greco loft building at 61-63 Crosby was built in 1876 and converted into a co-op in 1981. From 1971 to 1994, A.I.R. Gallery, the city’s oldest women’s artists collective, called the property home.

“The co-op owners decided to take some chips off the table and move out,” Polsinelli said.

Not all developers have been as lucky with co-op residents. In Brooklyn Heights, developer Anbau Enterprises made a $130 million for a retail development site, but shareholders of a co-op building at 75 Henry Street voted against the deal. Anbau was looking to develop a 40-story luxury residential tower with ground-floor retail at the site, which runs from Henry Street to Cadman Plaza West.


Related Articles

arrow_forward_ios
2 East 88th Street and Jacqui Safra (Google Maps, Getty)
Manhattan triplex fetches $60M in biggest co-op sale since 2015
Manhattan triplex fetches $60M in biggest co-op sale since 2015
Nikolai Fraiture and 42 and 44 King Street (Getty, Google Maps)
“Taken for a Fool”: The Strokes’ Nikolai Fraiture sues co-op
“Taken for a Fool”: The Strokes’ Nikolai Fraiture sues co-op
Photo illustration of 220 Central Park South (iStock, StreetEasy)
Condos sales still dominate co-ops in $10M+ category
Condos sales still dominate co-ops in $10M+ category
1133 Fifth Avenue with John and Jodie Eastman (Google Maps, Getty/Patrick McMullan)
Paul McCartney’s brother-in-law drops $27M on UES penthouse
Paul McCartney’s brother-in-law drops $27M on UES penthouse
The Westchester law requires board members to undergo fair housing training for two hours every two years. (iStock)
Campaign against co-op discrimination notches win in Westchester
Campaign against co-op discrimination notches win in Westchester
(iStock/Illustration by Kevin Rebong for The Real Deal)
Buyers return to Manhattan co-ops and condos with a vengeance
Buyers return to Manhattan co-ops and condos with a vengeance
Lawrence Omansky and 160 Chambers Street (Facebook, Google Maps)
A Tribeca co-op’s odd struggle with the man who created it
A Tribeca co-op’s odd struggle with the man who created it
Westchester County Executive George Latimer (Westchester, Getty)
Westchester compels co-op boards to justify rejection of buyers
Westchester compels co-op boards to justify rejection of buyers
arrow_forward_ios

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

Loading...