Retailer Caudalie pays $9.8M to TriState Equities for retail in SoHo

French skincare retailer Caudalie through the entity Soixante Dix LLC paid $9.8 million to TriState Equities through the entity 130 Greene TIC LLC for the retail condo at 130 Greene Street in SoHo, Manhattan. The expected use is owner-occupied.
The deal closed on September 6, 2024 and was recorded on September 11, 2024. The property has 3,048 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $3,198 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 seller bought the property on March 12, 2021, for $8 million. The signatories for TriState Equities were Joseph Edery and Morris Missry. The signatory for Caudalie was Laurent Fromigue. The contract date was June 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Caudalie had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller TriState Equities 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 3,048 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,048 square feet. The city-designated market value for the property in 2022 is $2.5 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 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 times the average sales volume among other neighborhoods with $533.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 214,448 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 180,564 square feet of the 197,089 square feet. The largest owner is BD Hotels, followed by Centurion Realty and then Weybourne Holdings.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 197,089 square feet of built space are retail buildings, with hotel buildings next occupying 34 percent of the space.

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