The six-story loft building at 155 Spring Street in Soho has been sold in an all-cash transaction for $31,500,000, or $486.99 a square foot.
The red-brick building has wide stringcourses and an attractive masonry cornice.
It is currently leased to 14 tenants, but Robert Knakal, chairman of Massey Knakal Realty Services, said the buyer, a local investor, plans to convert it residential condominiums when the commercial leases expire.
"The property's unique design allows for dual frontage on both West Broadway and Spring Street in the center of ultra-hip SoHo," Mr. Knakal, who represented the seller, said. Peter Hauspurg of Eastern Consolidated represented the buyer.
The property is located on the north side of Spring Street between Wooster Street and West Broadway, and it contains approximately 37,700 square feet including the basement.
The ground floor retail space is currently renting for approximately $258.94 per square foot.
The red-brick building has wide stringcourses and an attractive masonry cornice.
It is currently leased to 14 tenants, but Robert Knakal, chairman of Massey Knakal Realty Services, said the buyer, a local investor, plans to convert it residential condominiums when the commercial leases expire.
"The property's unique design allows for dual frontage on both West Broadway and Spring Street in the center of ultra-hip SoHo," Mr. Knakal, who represented the seller, said. Peter Hauspurg of Eastern Consolidated represented the buyer.
The property is located on the north side of Spring Street between Wooster Street and West Broadway, and it contains approximately 37,700 square feet including the basement.
The ground floor retail space is currently renting for approximately $258.94 per square foot.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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