Avison Young announced today that its Tri-State Investment Sales Group has arranged the sale of 206 Spring Street, a five-story commercial building in SoHo, for $10.5 million. 206 Spring Street includes 15,540 rentable square feet across two floors of retail, one lower-level space with a full prep kitchen and three office floors.
Avison Young Principal & Head of Tri-State Investment Sales James Nelson, Principal & Executive Director Brandon Polakoff, Director Eric Karmitz and Senior Associate Bradley Rothschild represented the seller, Corigin, in addition to procuring the buyer.
“206 Spring Street presented a unique investment opportunity for a well-leased, turnkey asset in one of Manhattan’s most dynamic submarkets”, said Polakoff. “Our team created a competitive process and ultimately secured a 1031 investor out of LA who was looking to deploy capital in New York following the city’s post-pandemic resurgence.”
206 Spring Street is a five-story commercial elevator building located between Sixth Avenue and Sullivan Street. The ground floor, second floor and lower level are occupied by contemporary Korean restaurant The Woo, which has eight years remaining on its lease and has recently invested $1 million in renovations. The third floor of the building was recently leased, the fourth floor is currently vacant but in turnkey condition and the fifth floor is occupied by cosmetic dentistry Soho Smile.