145 Spring St, New York, NY, 10012-5224, US

145 Spring Street

Description

Jones Lang LaSalle (“JLL”) has been exclusively retained to arrange the fee simple sale of 145 Spring Street (“the Property”), an eight-story, tax class protected, boutique residential and retail building located in the heart of SoHo, Manhattan. Situated on Spring Street between West Broadway and Wooster Street, the Property is nestled within one of the most coveted neighborhoods in Manhattan.

145 Spring Street features six spacious, loft-style residential rental units, each averaging 2,188 square feet, as well as 1,300 square feet of prime retail space with 25 feet of street frontage.

The residential units boast oversized windows that flood each apartment with natural light. Interior finishes include seven-inch wide white-oak hardwood flooring, Caesarstone countertops, white oak cabinetry, custom closets, and high-end stainless steel appliances.

The building, equipped with an elevator, recently underwent extensive renovations to its lobby, and features marble flooring and walls. Additional amenities include a virtual doorman system and in-unit washer/dryer machines. The retail space is fully leased to Gerard Darel, a top-tier luxury goods and accessories brand. In addition, Seen Media has a lease for signage space on the building’s exterior.

Surrounded by upscale clothing stores, trendy restaurants, coffee shops, and boutique fitness centers, the Property benefits from significant foot traffic. Its proximity to major subway stations and nearby retail districts such as NoHo and Nolita further enhances retail visibility and accessibility.

This offering presents investors with a rare opportunity to acquire a luxury rental asset with high-quality ground floor retail in the sought-after SoHo neighborhood.

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Attributes

Building area gross

14,425 sf

Number of units

Land area gross

1,875 sf

Media

Investment Highlights

EXCELLENT QUALITY BOUTIQUE MIXED-USE OFFERING

145 Spring Street is a rare, fully leased mixed-use asset with luxurious, oversized residential units. Large windows drench the units in natural light and the high-end finished throughout the space accentuates the appeal for these units. The apartments have undergone recent renovations and provide stable in-place cash flow. The retail portion of the building offers significant upside potential through leasing / buy-out strategies. The building is in a protected tax class (2B), ensuring limited tax increases.

LOCATED IN ONE OF MANHATTAN’S MOST COVETED NEIGHBORHOODS

The neighborhood is home to a unique, high-end retail ecosystem which is further buoyed by its proximity to other thriving retail submarkets like NoHo and Nolita. This property stands at the heart of a world-renowned retail corridor. Situated among luxury titans, the location boasts proximity to flagship stores of iconic brands such as Gucci, Celine, and Saint Laurent.

SECURE RESIDENTIAL CASH FLOW & STRONG RETAIL FUNDAMENTALS

Residential units at 145 Spring Street are in high demand. SoHo has enjoyed historically low residential vacancy rates and rental units in boutique elevator buildings are very rare in the area. Further, increased retail demand is driving Soho taking rents with recent ground floor retail leases exceeding $700 / SF. Smaller storefronts are achieving over $1,000 / SF on new leases.