Infinity Real Estate LLC, a unit of the Infinity Group, has purchased 158 Wooster Street, a 3,932 s/f corner retai space located in SoHo.
The property was acquired off-market for $8.7 million and required Infinity to close the purchase as an all-cash transaction in under 30 days.
158 Wooster Street is the most recent addition to Infinity’s portfolio of urban retail properties in U.S.markets.
Currently occupied by high-end German kitchen maker, Bulthaup, the property is currently being renovated and epxanded by the tenant, who has some five years still remaining on the lease.
The retailspace offers he global brand direct exposure to the neighborhood’s deep-pocketed residents and consumers as well as to millions of local shoppers and tourists visiting SoHo annually.
“The acquisition of 158 Wooster Street demonstrates our company’s ability to continue acquiring and re-inventing unique retail and mixed-use properties in irreplaceable urban locations,”said Steve Kassin. Infinity Real Estate’s managing partner.
“Over the past decade or so, our firm has established a deep track record of identifying untapped value by acquiring properties not available on the open sales market or through creative redevelopment.
“Through the acquisition of highly visible and highly valuable urban retail sites, with large consumer appeal due to location density, foot traffic, and surrounding entertainment and amenities, Infinity aims to continue serving its committed base of leading retailers as they expand their footprint gateway urban markets throughout the United States.
Infinity Real Estate is a New York based private real estate developer, owner, and operator focused on the acquisition, redevelopment, and re-positioning of commercial properties across select U.S. markets.
The company’s owned portfolio comprises of approximately 50 commercial properties and development projects across 13 states. It oversees in excess of 115 properties representing over 20 million square feet.