SL Green secures $66M mortgage for Adidas’ Soho space

South Korean firm Meritz Real Estate provided the financing

TRD New York /
Aug.August 14, 2018 05:30 PM

115 Spring Street (Credit: Google Maps)

SL Green Realty secured a $65.6 million mortgage for a retail space in Soho.

The approximately 5,200-square-foot commercial condo unit, at 115 Spring Street between Greene and Mercer streets, is currently occupied by an Adidas store. The footwear company signed a lease for the space in 2015, opening an “Originals” store that covers two floors.

The lender is Korean investment firm Meritz Real Estate Asset Management, according to records filed with the city Tuesday. Before the deal, the property was not encumbered by any debt.

SL Green bought the property for $52 million in 2014, records show. It was previously occupied by Opera Gallery. SL Green bought out the gallery’s lease to make way for the acquisition.

The company has been involved in large retail transactions this year.  Last June, it sold its 50-percent stake in 724 Fifth Avenue to partner Jeff Sutton for $85.5 million. It also acquired the leasehold interest in 2 Herald Square and 1231 Third Avenue.

The firm declined to comment.

Meanwhile, Meritz, along with Aareal Corporation, previously originated a $275 million loan for 650 Fifth Avenue, an SL Green-owned retail property leased to Nike.


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green CEO Marc Holiday and 420 Lexington Avenue with Scabby the Rat (Getty; Google; Sl Green)

SL Green claims “saliva-spewing” picketers may be spreading Covid

SL Green claims “saliva-spewing” picketers may be spreading Covid
Citizens Bank CEO Bruce Van Saun and SL Green CEO Marc Holliday with 106 Spring Street (Getty; Sl Green; Google Maps)

One of Soho’s priciest retail spaces heads to foreclosure

One of Soho’s priciest retail spaces heads to foreclosure
From left: 410 Tenth Avenue, 745 Fifth Avenue, One Manhattan West and 522 Fifth Avenue (Google Maps, Wikimedia)

Real estate lending bounces back in September in a big way

Real estate lending bounces back in September in a big way
Brookfield's Ric Clark with 410 Tenth Avenue (Getty; Google Maps)

Brookfield weighs bid for SL Green’s Hudson Yards building

Brookfield weighs bid for SL Green’s Hudson Yards building
SL Green CEO Marc Holliday and 11 Madison Avenue (Getty, Google Maps)

Here’s what tenants are paying at SL Green & PGIM’s 11 Madison Ave

Here’s what tenants are paying at SL Green & PGIM’s 11 Madison Ave
arrow_forward_ios

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

Loading...