Ralph Lauren pays $132M to private investor for retail it occupies in SoHo

Ralph Lauren through the entity 1 Propco LLC paid $132 million to investor and art collector Jean-Pierre Lehmann through the entity Prince Street Spe, LLC for two retail condominium units at 109 Prince Street in SoHo, Manhattan, that the fashion house already occupies. The expected use is owner-occupied.
The deal closed on April 16, 2025 and was recorded on April 28, 2025. The two properties have 9,909 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $13,321 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 Jean-Pierre Lehmann was Jean-Pierre Lehmann. The signatory for Ralph Lauren was Lisa Parmelee . The contract date was February 12, 2025. The Commercial Observer reported on the bidding process. 

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ralph Lauren had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jean-Pierre Lehmann had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in SoHo has 9,909 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 6,644 square feet. The city-designated market value for the property in 2022 is $5.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. 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 $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 2.3 times the average sales volume among other neighborhoods with $634.8 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 351,508 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 109 Prince Street, PincusCo has identified the owners of three of the seven commercial properties representing 26,382 square feet of the 68,462 square feet. The two identified owners are Debra Kalimian and Premier Equities.
On the tax block, there was one new building construction project filed totaling 18,736 square feet. It is a 18,736 square-foot business (B) building submitted 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.

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