Several properties on Greene Street in the landmark SoHo Cast Iron District recently changed hands.
The latest off-market deal was the acquisition last month of a five-story, mixed-use building at 72-76 Greene St. The ornate building with distinctive design and cast-iron façade, known as the “King of Greene Street,” dates back to 1873, when it was built as a dry goods warehouse for Gardner Colby, a successful merchant.
The 38,000-square-foot property was sold by BSJ SoHo LLC to ASB L3 72-76 Greene Street LLC, a joint venture of ASB Capital Management and L3 Capital LLC in an all-cash deal worth $41.5 million, including fees.
“This was a very significant sale for SoHo,” said Adelaide Polsinelli, a senior director at Eastern Consolidated Inc., who brokered the deal. There were more than 50 bids, she said, and it was a “nail-biting transaction” because of “eleventh-hour offers.”
Philip Stamm, of Stamm & Olivo in Manhattan, represented the seller.
Seyfarth Shaw partner Joel Rubin and senior counsel Melissa Schmucker in Chicago and associate Joshua Kurtz in the firm’s New York City office represented the purchaser.
DLA Piper partner Barbara Trachtenberg and associate Christopher Price in Boston represented ASB in the joint venture and acquisition.
On behalf of the purchaser, Blaine Schwadel and Patti Stone, partners at Rosenberg & Estis, were counsel on rent regulatory matters and Adam Rothkrug of Rothkrug Rothkrug & Spector, in Great Neck, was counsel on zoning issues.
72-76 Greene St. contains two retail spaces, including ground floor and basement space; a north and south store; three commercial units; and three rent-stabilized lofts located on the fourth and fifth floors.
The north-store portion is leased to Dedon, an outdoor furniture brand, for its flagship store at 76 Greene St. The south-store retail space, including ground, basement and the second floor, is available to lease, Polsinelli said. The space was leased by Apple Computer for about a year while another space at 103 Prince St. was being renovated.
Washington, D.C.-based ASB Capital has an overall retail portfolio valued at nearly $3 billion.
Chicago-based L3 focuses on urban real estate investments within first-tier U.S. metropolitan markets.
Across the street, at 69 Greene and 71-73 Greene, two mixed-used five-story buildings, 33,000 square feet altogether, were sold for about $33 million a few weeks before the 72-76 Greene St. deal.
Richard Catalano, a partner at Clifford Chase represented the purchaser, 69-73 Greene Street Owner LLC.
Jack Lipkind, in Miami Beach, represented the seller, 71 Greene Street Inc.
The properties’ tenants are BoConcept, a retailer of Danish designed furnishings, and Onassis Clothing’s flagship store for menswear. There also are several free-market and rent-stabilized units.
Greene Street is attractive to high-end specialty retailers who prefer the cobblestone streets of SoHo rather than Broadway, Robert Bellinger, ASB Capital’s CEO, told the Commercial Observer.
Polsinelli was the sole broker on the 72-76 Greene St. deal.
Christen Portelli, a managing principal at Highcap Group, along with Michael Ferrara, an investment sales associate, brokered the sale of 69-73 Greene St.
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