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Deals & Dealmakers

Crosby Street corner for sale

Eastern Consolidated has been selected as the exclusive agent to sell a mixed-use corner building at 21 Crosby Street aka 133 Grand Street in SoHo. The asking price is $18.5 million.

Exclusive agent Ron Solarz, Executive Managing Director and Principal in the Investment Sales Division, is marketing the property. Chris Matousek, Director, Financial Services, is the analyst for the deal.

The 10,000 s/f corner building offers four stories plus a lower level; 105 feet of wraparound frontage; ground floor and lower retail space totaling over 2,800 s/f to be delivered vacant; three, floor-through loft apartments; and +2,100 square feet of unused development rights.

“The current ownership has invested a substantial amount of capital to completely reposition the retail portion of this SoHo property, which would be ideal either for a retailer’s flagship location or for multiple retail tenants,” Solarz said.

“The ground floor and lower level retail space will be delivered vacant, allowing investors to capitalize on the rapidly appreciating retail rental rates in the neighborhood.”

Solarz added, “Floors two, three, and four are expansive, floor-through loft apartments with abundant light and air that also present tremendous upside potential.”

Eastern Consolidated is extremely active in SoHo having closed dozens of sales and retail leases in the neighborhood.

Most recently, the firm’s brokers arranged the sale of all of the shares in a four-story, 20,600 s/f residential co-op at 61-63 Crosby Street for $42 million, or over $2,000 per square foot.

The property at 21 Crosby Street is located within the SoHo Cast Iron Historic District Extension.

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