Akris pays $14M to SL Green for two retail properties in SoHo, last sold for $27.5M

UPDATED: The Swiss retailer Akris through the entity 121 Greene Street LLC paid $14 million to SL Green Realty through the entity 121 Greene Retail Owner LLC for two retail condominium units at 121 Greene Street in SoHo, Manhattan.
The deal closed on February 15, 2023 and was recorded on February 22, 2023. The two properties have 9,501 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,473 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for SL Green Realty was Andrew S. Levine. The signatory for Akris was Peter Kriemler. Peter Kriemler is president of Akris, the 100-year-old Swiss fashion house. The contract date was December 21, 2022. SL Green bought the units in 2014 for $27.5 million. Akris owns four properties from 831 to 837 Madison Avenue which it purchased in 2020 and 2022.

SL Green was represented in the sale by a CBRE team led by Daniel Kaplan. In June 2022 the Commercial Observer reported the condo was on the market.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Akris purchased one properties in one transactions for a total of $17.5 million and has no record it sold any properties over the past 24 months.
The seller SL Green Realty purchased five properties in five transactions for a total of $2.4 billion and sold 36 properties in 15 transactions for a total of $1.8 billion over the same time period.

The property

The 121 Greene Street parcel has a total lot size of 5,013 square feet. The city-designated market value for the property in 2022 is $4.3 million.The most recent loan totaled $15 million and was provided by Bank of New York Mellon on March 23, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In SoHo, the bulk, or 46 percent of the 9.4 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 15 percent of the space. In sales, SoHo has 2 times the average sales volume among other neighborhoods with $699.5 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 389,037 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 121 Greene Street, PincusCo has identified the owners of five of the 18 commercial properties representing 35,883 square feet of the 115,379 square feet. The largest owner is SL Green Realty, followed by Premier Equities and then Debra Kalimian.
On the tax block, there was one new building construction project filed totaling 18,736 square feet. It is a N/A-unit, 18,736-square-foot B building developed by Yaron Jacobi with plans filed December 23, 2015 and it has not been permitted yet.

The majority, or 47 percent of the 68,462 square feet of built space are elevator buildings, with mixed-use buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Sl Green Realty owned at least 39 commercial properties in New York City with 18,995,541 square feet and a city-determined market value of $7.8 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 18,995,541 square feet of built space are office properties, with elevator properties next occupying 4 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Akris owned at least four commercial properties in New York City with 42,890 square feet and a city-determined market value of $39.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 38 percent of the 42,890 square feet of built space are D7 properties, with mixed-use properties next occupying 22 percent of the space. They are all located in Manhattan.

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