New firm buys Soho building for $112M

Waterman Interests formed a joint venture with institutional investors advised by JPMorgan Asset Management to purchase an office and retail building at 130 Prince Street for $112 million. All of the office space in the 88,000-square-foot Soho property is leased by a division of Estee Lauder, and its retail tenants include Lacoste, Stuart Moore and True Religion. Waterman Interests was founded this February and is headed by Phillip Waterman III, who previously ran the New York City division of Reckson Associates Realty Corp. A joint venture of the Kaufman Organization and KBS Realty Advisors sold the six-story, landmark building. Kaufman and KBS bought the property in September 2005 for $46 million. TRD