Standard International pays $106.9M for Sixty SoHo hotel

Standard International through the entity Sip NY Acquisition, LLC paid $106.9 million to the Pomeranc family’s Sixty Collective through the entity Cromwell Soho Holdings LLC for the 97-unit hotel building (HB)  Sixty Soho at 60 Thompson Street in SoHo, Manhattan.
The deal closed on February 3, 2023 and was recorded on February 17, 2023. The property has 56,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,908 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 Real Deal reported earlier this month that the hotel had sold for more than $1 million per key, but did not report on the price.

The contract date was August 25, 2022.

The property

The parcel has frontage of 68 feet and is 94 feet deep with a total lot size of 6,439 square feet. The zoning is M1-5B which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $22.5 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 received $1,920 in OATH penalties 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 9.4 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 15 percent of the space. In sales, SoHo has 1.7 times the average sales volume among other neighborhoods with $592.6 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 389,037 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 this tax block, PincusCo has identified the owners of 12 of the 23 commercial properties representing 119,920 square feet of the 287,235 square feet. The largest owner is Empire Management, followed by Centurion Realty and then Dirty Building Holdings Lp.
There are no active new building construction projects on this tax block.

The majority, or 23 percent of the 261,280 square feet of built space are mixed-use buildings, with elevator buildings next occupying 22 percent of the space.

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