Redeveloped and Vertically Expanded SoHo Building Fetches $86M

Boston-based AEW Capital Management has purchased the 98,400-square-foot building located at 163 Varick Street—also known as 60 Charlton Street, for $86.2 million, or $876 per square foot. Seller APF Properties paid about $64.9 million in 2017 for the former 6-story industrial building, which at the time was about half the current size; subsequently securing permits to reposition the building for Class A office use as well as vertically expand the structure 6-stories. The transaction was financed with a $60 million loan from a fund run by Ares Management.