SoHo Mixed-Use Property Commands $8.05M
- Nov 10, 2015
New York—A private investor acquired 61 Sullivan St., a five-story, mixed-use property in New York’s SoHo district, from the estate of Leo Rabkin, for $8.05 million.
Eastern Consolidated arranged the sale on behalf of both parties.
Located between Spring and Broome Streets, the building sold for approximately $1,470 per square foot, and is in the same neighborhood as new condo developments that are commanding up to two-and-a-half times more.
“This property is surrounded by a number of new condominium and townhouse developments that are enjoying great success,” R. Stuart Gross, Eastern Consolidated’s, executive managing director and principal, said. “New developments at 10 Sullivan Street, One Vandam, 100 Varick, and 73-75 Sullivan Street are expected to achieve average sellout values of $3,000 to $3,700 per square foot, which confirms the value of this location.”
The 61 Sullivan St., property consists of 5,474 square feet above grade, four, floor-through free market residential rental apartments, ground floor retail, a 500-square-foot private garden, and 3,000 square feet of unused development rights. The fifth floor apartment is vacant and features 10-foot-high ceilings and private access to the roof, which offers unobstructed panoramic views of New York City.
The building is conveniently located near the C and E trains at Spring Street and 1 train at Canal Street, and is close by SoHo’s fashion, design, restaurants, and art scene. SoHo also enjoys a diversified employment base due to multiple industries wanting to have a presence in the dynamic and sophisticated neighborhood. Businesses in the fashion and art sectors are complemented by financial services, technology, publishing and advertising.
Peter Carillo, senior director and principal, and Jonathan Schwartz, director, also were part of the Eastern Consolidated team working with the seller. Azita Aghravi, senior director and principal represented the buyer. Chris Matousek, director of Financial Services at Eastern, served as the analyst on the deal.
“It’s rare to find a wide canvas like this for an investor or owner/user to work with,” Carillo said. “The building presents an extraordinary opportunity for a conversion to a single family townhouse, boutique floor-through condominium, or luxury rental use.”
The same Eastern Consolidated team is now marketing a 10,150-square-foot, mixed-use SoHo property nearby at 42-44 Grand Street for $14.25 million.