Crane Partners pays $27.5M to Vornado for retail in SoHo, was $31M in 2012
Crane Partners Asset Management through the entity 501 Broadway Cp LLC paid $27.5 million to Vornado Realty Trust through the entity VNO 501 Broadway LLC for the retail condo (CC) at 72 Mercer Street in SoHo, Manhattan.
The deal closed on December 7, 2021 and was recorded on December 17, 2021.
The property has 13,666 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,012 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.)
Vornado bought the property on August 20, 2012, for $31 million.
The Commercial Observer reported that the broker for Vornado as seller was Avison Young’s Brent Glodowski and that the current tenant Capital One has four years left on a lease signed in 2013. Capital One sold a commercial loan portfolio totaling more than $1 billion in New York City debt in late September 2021.
Within a 400-foot radius of 72 Mercer Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $800,000 and one permit with a total initial cost of $746,000. The most recent of these two items was the filing on December 22, 2020 for a 8,309-square-foot B building with no residential units at 52 Greene Street.
Of those 11 items, three were sales above $5 million totaling $51.4 million. The most recent of the three was Paceline Equity Partners which bought a commercial unit in the co-op (D4)building at 106 Spring Street for $23.9 million from SL Green Realty on May 3, 2021.
Of those 11 items, six were loans above $5 million totaling $136.5 million. The most recent of the six was Albert Malekan which borrowed $23.1 million from Citibank secured by the 23,823-square-foot, eight-unit office building (O5) on 468 Broome Street on November 17, 2021.
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