Aby Rosen’s RFR Holding is selling a fully occupied retail property in Soho, two years after casting its bet on luxury retail.
An undisclosed Japanese conglomerate is picking up 102 Greene Street from RFR for $46 million, the Commercial Observer reported. The deal breaks down to about $4,020 per square foot, and the trade carried a 4.2 percent capitalization rate.
The four-story building dates back to 1881. When luxury retailer Cartier leased the property for a flagship, it transformed the 11,000-square-foot hub into a gallery, a lounge, studios and a rooftop garden. Cartier opened its boutique late last year.
Adirondack Capital Partners’ Michael Hunter Coghill brokered the off-market deal. RFR declined to comment beyond a statement from principal Gabriel Rosen, which hailed the company’s investment in the property as a bet on luxury retail in top neighborhoods.
RFR purchased the property two years ago from TA Realty for $31.5 million, months after Cartier signed its lease. The property was reportedly valued at $43.5 million in 2017, when SL Green sold its 90 percent stake.
Soho has often been a shining light in Manhattan’s retail recovery from the pandemic, along with a slew of deals heating up a fellow prestigious retail corridor, Fifth Avenue.
Last month, Spanish fast fashion billionaire Isak Andic purchased a retail condo at 512 Broadway for $26.9 million, scoring a deal worth half the price Invesco paid for the property 14 years prior.
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Rosen and RFR are in the midst of a big legal fight regarding the Chrysler Building. A judge recently ruled that Cooper Union can start collecting rent from tenants at the property, essentially forcing RFR to cede control of the building. It remains involved in a dispute over Cooper Union’s decision to terminate the developer’s lease at the famed property.
Also last month, RFR agreed to sell an 827-unit development site in Gowanus to Tavros Capital and Charney Companies for more than $160 million.