Mixed-use on SoHo corner sells for $5.7M

The entity 180 Spring LLC paid $5.7 million to the entity Berry K LLC for the three-unit mixed-use building (S3) at 180 Spring Street at the corner of Thompson Street, in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on December 19, 2024 and was recorded on January 7, 2025. The property has 3,655 square feet of built space and 666 square feet of additional air rights for a total buildable of 4,324 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,559 and the price per buildable square foot is $1,318 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 the seller was Julie Reisforff-Parker. The signatory for 180 Spring LLC was Daniel Cohen. The contract date was September 18, 2024.

Prior sales and revenue

The seller Julie Reisforff-Parker had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Julie Reisdorff-Parker, head officer and Julie Reidsorff, officer. The business entities are Susan Penzner Real Estate and Berry K Llc.

The property

The mixed-use building with 3 residential units in SoHo has 3,655 square feet of built space and 666 square feet of additional air rights for a total buildable of 4,324 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 62 feet deep with a total lot size of 1,257 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Sullivan-Thompson Historic District. The city-designated market value for the property in 2022 is $3.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.8 times the average sales volume among other neighborhoods with $714.7 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 511,062 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 18 commercial properties representing 153,624 square feet of the 266,329 square feet. The largest owner is Standard International, followed by Centurion Realty and then Henry Hay.
There are no active new building construction projects on this tax block.

The majority, or 22 percent of the 266,329 square feet of built space are mixed-use buildings, with elevator buildings next occupying 22 percent of the space.

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