Real Estate Weekly
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Residential

One-time substation space for lease

Eastern Consolidated has been retained as the exclusive leasing agent to market 173-175 Spring Street, aka 88 Thompson Street, in SoHo, available as a net lease or long-term ground lease opportunity.

Ideally suited for use by a retailer or developer, the package includes a three-story, 18,000 s/f building with 47 feet of frontage on Spring Street.

There is a four- to five-car parking lot with 36 feet of frontage along Thompson Street, and unused air rights.

Originally designed for use as an IRT substation, the building at 173-175 Spring Street features dramatic arches, ceiling heights of up to 37 feet on the ground floor and over nine feet on the second and third floors, two large mezzanines overlooking the ground floor, a large terrace, numerous skylights on the third floor, and a basement.

It is currently used for sales and storage, but can be delivered vacant.

“This prime SoHo site presents an extraordinary opportunity for a retailer or user to net lease the property and create a flagship location, or for a developer/investor to enter into a long-term ground lease to redevelop the existing space and unused air rights,” said James Famularo, Senior Director of Eastern Consolidated, who is marketing the property exclusively on behalf of the owner.

The property at 173-175 Spring Street sits at the center of a rapidly changing area and surrounded by high-end retailers and residential developments, including luxury condominiums located at 10 Sullivan Street and One Vandam.

Zoned for retail and residential use, the site also benefits from its location just outside the SoHo-Cast Iron Historic District Extension and near the recently rezoned Hudson Square neighborhood.

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