The Real Deal New York

GreenOak gets $21M in sale of mixed-use Soho building

Company sold 5-7 Mercer Street to Churchill Real Estate Holdings and Square Advisors
By Eddie Small and Mark Maurer | February 05, 2018 01:20PM

5-7 Mercer Street and GreenOak partner Mark Van Zandt (Credit: PropertyShark)

GreenOak Real Estate has sold its Soho building at 5-7 Mercer Street to Churchill Real Estate Holdings and Square Advisors for $21 million, sources told The Real Deal.

The mixed-use building is located at 5-7 Mercer Street and spans about 21,500 square feet. It contains nine rental residential units and the clothing stores Oak + Fort and Billionaire Boys Club, the clothing line of Pharrell Williams.

Sean Lefkovits

Ivan Hakimian and Sean Lefkovits of HPNY are involved in the deal. They declined to comment, while GreenOak, Churchill and Square Advisors did not respond to requests for comment.

Centurion Realty sold 5-7 Mercer Street in 2013 for $16.5 million to Mercer II LLC, which shares an office address on Park Avenue with Amerindo Investment Advisors, a firm run by billionaire fraudster Alberto Vilar that is now defunct.

Churchill has been active on the real estate market lately, selling its building at 818 10th Avenue in March for $11.5 million,  making a $77 million construction loan in May to Jason Lee’s Six Sigma NYC for their condominium at 517-523 West 29th Street and buying three contiguous rental buildings at 439-443 West 48th Street in July for $15.5 million. GreenOak partnered with Highgate at the end of 2017 to close on the roughly $200 million purchase of the Gansevoort Park Avenue NYC hotel at 420 Park Avenue.