Madison Capital paid $206M to Invesco

Madison Capital through the entity Englewood Partners LLC paid Invesco’s Prince Street-Soho, LLC $206.3 million for 1 parcel, including the tax class miscellaneous office building (O9) at 130 Prince Street in Soho. The deal closed on July 23, 2019 and was recorded on July 30, 2019. The parcel(s) have total development potential of 63,877 square feet.
The average sale price per square foot is $3,268.
The estimated cap rate is 2.7%
The last time the property sold was May 31, 2012, for $140,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with one residential unit on January 15, 2013.
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $25,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $2,643,071.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Story link.