Vertex Properties pays $53M to Blackstone Group for office in SoHo

Vertex Properties through the entity 61 Crosby Owner LLC paid $53 million to Blackstone Group through the entity Soho Retail Portfolio 61-63 Crosby Street LLC for the office and retail building (O5) at 61 Crosby Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on January 8, 2026 and was recorded on January 12, 2026. The property has 27,930 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,897 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 November 19, 2024, for $54.5 million. The signatory for Blackstone Group and Shopcore Properties was Stephanie McGowan . The signatory for Vertex Properties was David Arnow . The contract date was December 10, 2025. The Commercial Observer reported on this last week. https://commercialobserver.com/2026/01/vertex-acquires-61-63-crosby-street-for-53m/

Blackstone Group had owned the property through its Shopcore Properties company, but last year ShopCore was bundled with other Blackstone entities into Perform Properties.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Vertex Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Blackstone Group purchased 17 properties in 11 transactions for a total of $530.2 million and sold 36 properties in three transactions for a total of $554.4 million over the same time period. Commercial Observer reported on January 08, 2026 that Vertex paid $53 million to Blackstone for 61-63 Crosby Street, Manhattan, NY. The buy-side brokers were Adam Spies, Adam Doneger, Josh King, Marcella Fasulo, and Meaghan Philbin of Newmark.

The property

The office building in SoHo has 27,930 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 112 feet deep with a total lot size of 5,429 square feet. The lot is irregular. The zoning is M1-5/R7D which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 4.2 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District Extension. The city-designated market value for the property in 2022 is $7.9 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 $10,350 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 28, 2018. 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 3.8 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 992,539 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 199,706 square feet of the 234,741 square feet. The largest owner is Heller Properties, followed by P. Zaccaro and then Shopcore Properties.
On the tax block, there was one new building construction project filed totaling 23,445 square feet. It is a 12-unit, 23,445 square-foot residential (J-2) building submitted by John Zaccaro Jr. with plans filed April 17, 2008 and permitted February 9, 2018.

The majority, or 58 percent of the 234,741 square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Blackstone Group owned at least 44 commercial properties with 14,164 residential units in New York City with 18,701,474 square feet and a city-determined market value of $3.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $5.9 billion in debt, with top three lenders as Wells Fargo, Morgan Stanley, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 81 percent of the 18,701,474 square feet of built space are elevator properties, with office properties next occupying 13 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Queens next at 10 percent of the space.
The PincusCo database currently indicates that Shopcore Properties owned at least three commercial properties with five residential units in New York City with 101,894 square feet and a city-determined market value of $42.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 73 percent of the 101,894 square feet of built space are retail properties, with office properties next occupying 27 percent of the space. They are all located in Manhattan.

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