$197.5M SoHo Mixed-Use Portfolio Purchase by Blackstone
A SoHo portfolio comprised of three mixed-use buildings plus a retail condo package is being acquired by Blackstone. The private equity firm has reportedly agreed to pay $197.5 million dollars for the package that offers approximately 133,420 square feet of space. Reports indicate that ASB Real Estate Investments is the seller of the properties that include 60 Crosby Street, 72-76 Greene Street, 413-415 West Broadway, and the retail condominiums, and although yet-to-be confirmed, the garage unit at 465 Broadway. The transaction comes at a time when “luxury and other retail labels have showcased their commitment to brick-and-mortar storefronts in prime retail shopping corridors in cities such as New York.” This year alone, several sale transactions by retail labels affirms that commitment including skincare brand Caudalie’s purchase at 130 Greene Street, Carhartt’s Williamsburg purchase of 132 Bedford Avenue, Uniqlo’s purchase at 666 Fifth Avenue, and French luxury group Kering’s condo purchase at 717 fifth Avenue.