Invesco Real Estate paid $112 million — nearly $25,000 psf — for a 4,500 s/f retail condo at 139 Spring Street in Soho.
Majestic Acquisitions, LLC, a privately-owned real estate firm based out of New York City, announced the sale.
The seven story-story pre-war boutique loft building, which houses Chanel as the ground floor tenant, was sold by Spring & Wooster Company, LLC.
Ezra Saffati, principal of Majestic Acquisitions LLC, represented both the buyer and seller in the transaction.
Located on the corner of Spring Street and Wooster Street, the property consists of 54 ft. of frontage with four full-size display windows on Spring Street and an additional 100 ft. of frontage on Wooster Street, with nine full-size display windows.
The presence of Chanel, one of the most recognized names in fashion, has added to the prestige and luster of the heavily-trafficked neighborhood.
Soho is considered to be one of the most exclusive and desirable high-end retail locations in all of New York City.“I am delighted to have represented both the buyer and seller in this important transaction.” said Saffati.
“Spring Street is one of the most expensive and coveted retail addresses in New York City. The prestigious fashion house of Chanel has greatly enhanced the value of this property.”
Separately, Invesco purchased an 80 percent stake in the adjacent property located at 131 Spring Street in July, 2015 for $222.2 million.