The Real Deal New York

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

South Korean firm Meritz Real Estate provided the financing
By Christian Bautista | August 14, 2018 05:30PM

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.