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Invesco Pays $112M for Chanel Retail Condo

Spring & Wooster Co Divests 4,500 SF in Soho
January 19, 2016
Invesco Real Estate has acquired the 4,500-square-foot, ground-floor retail condo occupied by Chanel at 139 Spring St. in New York City for $112 million, or about $25,000 per square foot, from Spring & Wooster Company LLC.

The seven-story, 41,797-square-foot, pre-war boutique loft building was constructed in 1909 on one-tenth of an acre in the SoHo submarket of Manhattan, between Greene & Wooster Streets.

The space features 54 feet of frontage with four full-size display windows on Spring and an additional 100 feet on Wooster with nine display windows. Fully occupied by fashion icon Chanel, the storefront sits below 40 residential studio condominiums.

Ezra Saffati, principal with Majestic Acquisitions LLC represented both the buyer and the seller in the sale.

"Spring Street is one of the most expensive and coveted retail addresses in New York City," noted Saffati. "The prestigious fashion house of Chanel has greatly enhanced the value of this property."

In a separate transaction that closed in August 2015, Invesco paid $222.2 million to SL Green for an 80% interest in the adjacent property at 131 Spring Street. See CoStar COMPS #3367107.

Please see CoStar COMPS #3493197 for additional information on this transaction.
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