RFR Sells SoHo Retail ‘Jewel’ for $46M
Cartier fully occupies the boutique property.
RFR Holding has sold 102 Greene Street, a 9,200-square-foot retail asset in New York City’s Manhattan borough, for $46 million. Adirondack Capital Partners brokered the off-market transaction.
When RFR bought 102 Greene, they expected a 6.5 percent return on their investment based on the property’s income, but the property was later sold at a higher price, resulting in a lower 4.25 percent return for the new buyer.
The company purchased 102 Greene two years ago for $43.5 million, in a period when Soho vacancies were at historic highs. Investment firm TA Realty and SL Green Realty sold the asset.
Cartier occupies the four-story flagship retail property at 102 Greene. The Paris-based architectural firm Studioparisien renovated the building, blending Cartier’s design with SoHo’s industrial and artistic heritage. The property includes luxury goods sales and product care services, a green marble bar with lounge seating, a loft with living and dining areas, and a rooftop garden.
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102 Greene Street, designed by architect Henry Fernbach alongside its sister building at 96 Greene Street, was completed in 1881 as a five-story building. It has housed notable tenants, including S. Epstein & Sons and sculptor William Tarr, who created the iconic cast iron door and panel at the entrance.
Demand for the luxury retail industry in the city’s top neighborhoods is expected to rebound strongly, according to RFR’s Principal Gaby Rosen. Adirondack’s Managing Partner Michael Hunter Coghill highlighted that this transaction emphasizes SoHo’s lasting appeal as a prime destination for retail investment.
Manhattan’s increased retail activity
Manhattan’s retail market-driven by strong consumer confidence, increased office occupancy, a tourism boom and New York Fashion Week- experienced continued growth in the third quarter of this year.
Limited availability and strong demand in prime Manhattan retail areas pushed asking rents higher for the eighth consecutive quarter, up 3.1 percent, according to a recent Cushman & Wakefield report. Pricing recovery varied by neighborhood, with SoHo seeing a 19.0 percent year-over-year increase in average asking rent to $388 per square foot.
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