The Real Deal New York

60 Guilders scoops up 121 Spring Street retail condo for $28M

Colony NorthStar provided a $30M acquisition loan for the former American Apparel store in Soho
By Will Parker | March 29, 2017 01:00PM

Kevin Chisholm and 121 Spring Street

Kevin Chisholm’s 60 Guilders, previously holder of a lease on the retail at 121 Spring Street in Soho, elected to buy the space for $28 million, records filed with the city Tuesday show. The retail condominium measures 3,200 square feet and was most recently home to an American Apparel clothing store, now closed.

The seller signatory on the deal was Kate D. Levin, owner of one of four residential condos at the five-story building. The seller entity, 121 Spring Associates, appears to be composed of the other residential condo owners at the 11,250-square-foot building, according to a review of filings with the New York State Attorney General’s office.

The building is also known as 90 Greene Street in public records.

American Apparel, which signed a 15-year lease at 121 Spring Street in 2004, announced in January that it was closing all of its U.S. stores and its main factory in Los Angeles. Once a popular fashion retailer that rapidly expanded during the aughts, it filed for Chapter 11 bankruptcy for a second time in November.

60 Guilders acquired the leasehold at 121 Spring Street in 2014 for $15.5 million. To buy the space, the company secured a $30.2 million acquisition loan from Tom Barrack‘s Colony NorthStar.

Chisholm did not immediately respond to a request for comment.

Chisolm continues to invest big in Manhattan retail since leaving Savanna Fund in 2013 to start his own firm. As of 2016, 60 Guilders had a $750 million property portfolio. It has frequently partnered with private equity firm Carlyle Group, including on the acquisition of 106 Greene Street for close to $100 million last year.