149 Spring Street, New York, NY, 10012, US

149 Spring Street

Asset Description

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to arrange the sale of 149 Spring Street (the "Property"), a ~19,000 square foot, 8-story mixed-use residential and retail building located in the heart of New York City's coveted Soho sub-market. The Property's approximately 2,254 square feet of ground floor retail will be delivered vacant, offering the opportunity to occupy the space or attract one of the world's most influential brands in New York City's preeminent retail corridor. In addition, the residential component of the building consists of 7 floor-through apartments (6 Market & 1 Rent Stabilized) featuring a private keyed elevator.

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Attributes

Number of units

Building area gross

18,754 sf

Year built

1900

Media

Investment Highlights

World Renown Soho Retail District Demonstrates Strong Fundamentals: Increased demand driving Soho taking rents with recent ground floor retail leases averaging $350 PSF, and top-of market deals exceeding $600 PSF.

Uncapped Market Rent Increases With Exemption From Good Cause Eviction: The ability to push rents will be a unique advantage of the Property, less than 10 units, it is protected from Good Cause Eviction rent growth legislation allowing for uncapped market rent increases.

New York's Preeminent Submarket: Situated within one of the country's most valuable infill submarkets and preeminent retail corridors, the Property is proximate to world renowned retailers including Gucci, Celine and Saint Laurent.