By Konrad Putzier
Javeri Capital has raised its bet on Soho after more than doubling its money on a Mercer Street retail condo.
The company announced Monday that it had sold the retail condo at 115 Mercer to Joe Sitt’s Thor Equities for $16.4 million and simultaneously bought a property on Greene Street.
Atit Javeri, principal of Javeri Capital, said he paid $7.8 million when he purchased the retail in 2010.
115 Mercer Street is currently home to designer Phillip Lim, who showed at New York City’s 2013 Fashion Week in September, and fashion store Roundabout.
Thor already owns property throughout Soho, with multiple properties on Broadway, Greene Street, Mercer Street and Wooster Street.
“SoHo’s extensive shopping district continues to grow each and every year,” Joseph J. Sitt, CEO of Thor Equities, said in a press release. “Thor Equities has made a long-term investment in the neighborhood, and we are proud to be some of the forerunners in the area’s retail boom.”
Meanwhile, Javeri Capital paid $9.9 million to purchase a 6,100 s/f retail condo at 20-26 Greene Street – where it already owns numbers 23-25 – from James MacGregor.
“We are very comfortable in that area, and are confident that we are going to see increased rental rates,” said Atit Javeri.
The company has tapped RKF to market the space which, according to the owner, is seeing great interest from furniture and clothing retailers.
“Furniture and gallery tenants have long been established on this stretch of Greene Street, and now fashion companies are trickling down as well,” said Javeri. “We are confident this trend will continue, especially as rents further north continue to escalate.”
David Schechtman of Eastern Consolidated represented both the buyer and the seller in both the Greene Street and Mercer Street sales.