MetroGrid Report - Eastern Consolidated · 2016-08-02 · Wooster Street $228.00 SoHo | Average...
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FOCUS ON NYC SUBMARKETS July 2016 MetroGrid Report: SoHo SoHo Attracting International Investors Investment sales in the SoHo area totaled nearly $780 million in the first six months of this year, with the neighborhood remaining particularly attractive to international investors. Significant sales included the $170 million acquisition of a newly completed 221 room boutique hotel at 11 Howard Street by Commerz Real, a fully owned subsidiary of Commerzbank AG. The seller, SoHo Hotel Owner LLC, which is part of RFR Holding USA, will remain the long-term tenant in the sale leaseback arrangement. The 1905 building was fully renovated in 2015 and will be affiliated with Starwood Hotels and Resorts under its new Design Hotels flag. The landmarked E.V. Haughwout Building at 490 Broadway was acquired by Spanish firm Ponte Gadea for $140 million. The classic cast-iron building constructed in 1857 was originally home to luxury retailer Haughwout’s, renowned for its cut glass, silverware, chandeliers, and china, including the
Transcript of MetroGrid Report - Eastern Consolidated · 2016-08-02 · Wooster Street $228.00 SoHo | Average...
FOCUS ON NYC SUBMARKETS
July 2016
MetroGrid Report: SoHo
SoHo Attracting International Investors
Investment sales in the SoHo area totaled nearly $780 million in the first six months of this year, with the neighborhood remaining particularly attractive to international investors.
Significant sales included the $170 million acquisition of a newly completed 221 room boutique hotel at 11 Howard Street by Commerz Real, a fully owned subsidiary of Commerzbank AG. The seller, SoHo Hotel Owner LLC, which is part of RFR Holding USA, will remain the long-term tenant
in the sale leaseback arrangement. The 1905 building was fully renovated in 2015 and will be affiliated with Starwood Hotels and Resorts under its new Design Hotels flag.
The landmarked E.V. Haughwout Building at 490 Broadway was acquired by Spanish firm Ponte Gadea for $140 million. The classic cast-iron building constructed in 1857 was originally home to luxury retailer Haughwout’s, renowned for its cut glass, silverware, chandeliers, and china, including the
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MetroGrid Report | SoHoFOCUS ON NYC SUBMARKETS
Real estate investment services
hand painted china Mary Todd Lincoln commissioned for the White House. The five-story building also is notable as being the first to feature a safe passenger elevator.
China Cinda Asset Management Co. acquired a $135 million equity stake in a 115-unit condo project that broke ground last year at 565 Broome Street (aka 100 Varick Street). The project is being developed by Bizzi & Partners Development with Aronov Development and Halpern Real Estate Ventures. The Bank of China reportedly provided a $320 construction loan for the project, which required an assemblage of properties on Varick Street from Broome to Watts Streets.
In April, Hines announced it had been selected by Hudson Square Properties LLC, a joint venture of Trinity Church Wall Street and Norges Bank Real Estate Management, as the operating partner for 11 office buildings totaling 4.9 million of commercial space, including nine in the SoHo area. As part of the agreement, Hines acquired a minority stake of 1 percent in the portfolio totaling $35.5 million.
Eastern Consolidated has sold dozens of properties in SoHo and was active in the last six months, arranging the sale of all the shares in a 4-story, ±20,600-square-foot residential co-op at 61-63 Crosby Street for $42 million, or over $2,000 per square foot. By selling the shares simultaneously, the transaction unlocked greater value for the seven loft owners, many of whom had owned their apartments since the building first went co-op in 1981. The firm also is selling other properties in the area including retail condos at 262-272 Mott Street, a five-story, mixed-use building at 135-137 Thompson Street, and a 3-story loft at 52 Greene Street.
In addition, Eastern Consolidated arranged a number of retail leases including two leases for Café Grumpy and a tech consulting firm at 177 Mott Street; an office lease for Sixty Hotels at 206 Spring Street; and a lease for Ato, a new Japanese restaurant opening at 28 Grand Street.
SoHo continued to remain a hot market for retailers, although a recent survey shows that asking rents have moderated and are now averaging $312 per square foot. Asking rents were highest on Broadway where they average $487 per square foot, Prince Street where they average $768 per square foot, and Spring Street where they average $494 per square foot.
SoHo Area | Sales * Portfolio sale/partial interest
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Property Address Property Type Sale Date Sale Price
11 Howard St Hospitality 4/14/2016 $170,000,000
61-63 Crosby St Mixed Use 2/1/2016 $42,000,000
329-331 Canal St Mixed Use 1/8/2016 $24,000,000
125-127 Grand St Mixed Use 5/13/2016 $20,377,000
58-60 Elizabeth St Mixed Use 5/13/2016 $16,700,000
24 Prince St Mixed Use 4/18/2016 $13,750,000
42 Grand St Mixed Use 1/28/2016 $12,750,000
490 Broadway Office 1/8/2016 $140,000,000
100 Varick St Condo Development 1/21/2016 $135,000,000
123-127 Lafayette St Office 1/12/2016 $33,500,000
243 Canal St Office 5/4/2016 $25,000,000
121 Varick St, 7/7th Floor Office 6/8/2016 $10,800,000
75 Varick St * Office 4/29/2016 $7,592,307
345 Hudson St * Office 4/29/2016 $6,364,602
100 Avenue of the Americas * Office 4/29/2016 $4,283,495
205 Hudson St * Office 4/29/2016 $3,271,838
225 Varick St * Office 4/29/2016 $3,076,042
160-172 Varick St * Office 4/29/2016 $2,837,296
350 Hudson St * Office 4/29/2016 $2,135,730
435 Hudson St * Office 4/29/2016 $1,868,919
155 Avenue of the Americas * Office 4/29/2016 $1,464,943
151 Canal St Retail 1/22/2016 $9,140,244
134-138 Greene St, 138 Greene Retail 3/17/2016 $38,500,000
75 Kenmare St Specialty 6/6/2016 $55,000,000
Total $779,412,416
SoHo | Average Residential RentsStudio 1 Bedroom 2 Bedroom 3 Bedroom Vacancy Rate
$2,943.00 $3,730.00 $5,545.00 $8,006.00 1.43%
SoHo | Average Retail Rents by Corridor
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Retail Corridor Asking Rent
Ave of the Americas $250.00
Broadway $487.00
Broome Street $264.00
Canal Street $107.00
Crosby Street $327.00
Grand Street $180.00
Greene Street $205.00
Greenwich Street $65.00
Howard Street $180.00
Hudson Street $114.00
Lafayette Street $257.00
Mercer Street $439.00
Prince Street $768.00
Spring Street $494.00
Sullivan Street $209.00
Thompson Street $175.00
Varick Street $131.00
West Broadway $299.00
West Houston Street $106.00
Wooster Street $228.00
SoHo | Average Retail Rents
SF Lease Price (PSF)
Average 4,152 $312
Median 2,600 $243
Minimum 375 $48
Maximum 30,000 $1,250
Source: NYU Furman Center, State of New York City’s Housing and Neighborhoods in 2015
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SoHo Community District Data
MetroGrid Report | SoHoFOCUS ON NYC SUBMARKETS
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Select Eastern Consolidated Transactions | SoHo & Nolita
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COMMERCIAL
1. 210 Bowery
2. 21-27 Mercer Street
3. 216 Bowery
4. 29 Greene Street
5. 40-42 Thompson Street
6. 448-452 Broome Street
7. 470 Broome Street
8. 525 Broome Street9. 67-69 & 71-73 Spring Street10. 72-76 Greene Street
DEVELOPMENT
11. 15-25 Kenmare Street
12. 176-178 Sixth Avenue13. 180-186 Avenue of the Americas14. 250-252 Bowery
15. 27-29 Wooster Street16. 311-323 West Broadway17. 350 West Broadway
18. 47-49 Greene Street
19. 55 Mercer Street
MIxED USE
20. 148 Spring Street
21. 19-21 Crosby Street
22. 91 Crosby Street
OFFICE
23. 131-137 Spring Street
RESIDENTIAL
24. 113-115 Mercer Street
25. 152-154 Thompson Street26. 234-236 Mulberry Street27. 239 Mulberry Street
28. 475-477 & 480-482 West Broadway
29. 58-62 Spring Street
30. 61 Sullivan Street
31. 61-63 Crosby Street
RETAIL
32. 122-124 Spring Street
33. 133 Greene Street
34. 145 Greene Street
35. 20-26 Greene Street
36. 204-210 Lafayette Street
37. 221-225 Centre Street
38. 481 Washington Street
39. 57-63 Greene Street
40. 60 Spring Street
41. 81 Spring Street
RETAIL LEASING
42. 133 Grand Street
43. 149-151 Elizabeth Street
44. 181 Grand Street
45. 206 Spring Street
46. 21 Thompson Street
47. 28 Grand Street
48. 30-32 Grand Street
49. 38-40 Grand Street
50. 403 Broome Street
51. 98 Kenmare Street
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Eastern Consolidated’s Recently Closed Transactions | SoHo & Nolita
MetroGrid Report | SoHoFOCUS ON NYC SUBMARKETS
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Property Type Mixed-Use
Location SoHo
Square Footage 25,000 SF
Selling Price $31,000,000
47-49 Greene Street
Property Type Multifamily
Location SoHo
Square Footage 5,474 SF
Selling Price $8,050,000
61 Sullivan Street
Property Type Mixed-Use
Location SoHo
Square Footage 20,600 SF
Selling Price $42,000,000
61-63 Crosby Street
216 Bowery
Property Type Commerical
Location Nolita
Square Footage 4,900 SF
Selling Price $13,000,000
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MetroGrid Report | SoHoFOCUS ON NYC SUBMARKETS
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Eastern Consolidated’s Recently Closed Transactions | SoHo
28 Grand Street
21 Thompson Street
30 Grand Street
20-26 Greene Street
Property Type Retail- Leased
Location SoHo
Square Footage $9,950,000
Property Type Retail- Leased
Location SoHo
Square Footage 700 SF
Property Type Retail- Leased
Location SoHo
Square Footage 1,080 SF
Property Type Retail- Leased
Location SoHo
Square Footage 700 SF
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Eastern Consolidated’s Recently Closed Transactions | SoHo
38-40 Grand Street
403 Broome Street
Property Type Retail- Leased
Location SoHo
Square Footage 400 SF
Property Type Retail- Leased
Location SoHo
Square Footage 1,660 SF
Eastern Consolidated’s Select Exclusives | SoHo
135-137 Thompson
Property Type Mixed- Use
Location SoHo
Square Footage 9,572 SF
Asking Price $17,500,000
Eastern Consolidated’s Select Exclusives | SoHo
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52 Greene Street
262-272 Mott Street
21 Crosby Street
42-44 Grand Street
Property Type Multifamily
Location SoHo
Square Footage 10,150 SF
Asking Price $13,900,000
Property Type Mixed-Use
Location SoHo
Square Footage 5,425 SF
Asking Price $19,950,000
Property Type Retail Condo
Location SoHo
Square Footage 10,444 SF
Asking Price $27,500,000
Property Type Retail
Location SoHo
Square Footage 4 Spaces Available: 300-520 SF
Asking Rent Ground Floor: $325 PSF, Lower Level: $75 PSF
Eastern Consolidated’s Select Exclusives | SoHo
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156 Sullivan Street
206 Spring Street
160 Prince Street
330 Spring Street
Property Type Retail
Location SoHo
Square Footage 2,500 SF
Asking Rent $125 PSF
Property Type Retail
Location SoHo
Square Footage 1,000 SF
Asking Rent $185 PSF
Property Type Retail
Location SoHo
Square Footage Ground, Second and Third Floor Spaces: 2,500 SF
Asking Rent Upon Request
Property Type Retail
Location SoHo
Square Footage 3,350 SF
Asking Rent $35,000 Per Month
Eastern Consolidated’s Select Exclusives | SoHo
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26 Grand Street
349 West Broadway
435 Broome Street
21 Clevenland Place
Property Type Retail
Location SoHo
Square Footage 950 SF
Asking Rent $8,250 Per Month
Property Type Retail
Location SoHo
Square Footage 1,600 SF
Asking Rent $160 PSF
Property Type Retail
Location SoHo
Square Footage 2,000 SF
Asking Rent $225 PSF
Property Type Retail
Location SoHo
Square Footage 6,050 SF
Asking Rent $175 PSF
