The Louis Vuitton building in Soho is up for grabs. There’s just one catch: Investors can’t buy the building outright but will have to purchase shares in a Luxembourg holding company set up by the property’s Italian owners to lower their tax bill.
The property includes the five-story building at 106 Prince Street and neighboring retail condos at 102 Prince Street and 114-122 Greene Street, Crain’s reported. CBRE is marketing the property through its U.S.- and London-based teams.
Louis Vuitton leased the property’s entire 11,550-square-foot retail space through 2033, which could help insulate it from Soho’s current retail vacancy epidemic.
“There’s a negative sentiment in the market, so this is a real test for retail,” CBRE’s Ned Midgley told Crain’s.
The fashion company occupies the second floor of 106 Prince as an office, while the remaining three upper floors are market-rate apartments. The owners are three unnamed Italian families. [Crain’s] — Konrad Putzier