MetroGrid Report: SoHo

FOCUS ON NYC SUBMARKETS

July 2016

SoHo Attracting International Investors

Investment sales in the SoHo area totaled nearly $780 million in the sale leaseback arrangement. The 1905 building was in the first six months of this year, with the neighborhood fully renovated in 2015 and will be affiliated with Starwood remaining particularly attractive to international investors. Hotels and Resorts under its new Design Hotels flag.

Significant sales included the $170 million acquisition of a The landmarked E.V. Haughwout Building at 490 newly completed 221 room boutique hotel at 11 Howard was acquired by Spanish firm Ponte Gadea for $140 million. Street by Commerz Real, a fully owned subsidiary of The classic cast-iron building constructed in 1857 was Commerzbank AG. The seller, SoHo Hotel Owner LLC, which originally home to luxury retailer Haughwout’s, renowned for is part of RFR Holding USA, will remain the long-term tenant its cut glass, silverware, chandeliers, and china, including the MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

hand painted china Mary Todd Lincoln commissioned for the In addition, Eastern Consolidated arranged a number of White House. The five-story building also is notable as being retail leases including two leases for Café Grumpy and a the first to feature a safe passenger elevator. tech consulting firm at 177 ; an office lease for Sixty Hotels at 206 Spring Street; and a lease for Ato, a new China Cinda Asset Management Co. acquired a $135 million Japanese restaurant opening at 28 . equity stake in a 115-unit condo project that broke ground last year at 565 (aka 100 ). The SoHo continued to remain a hot market for retailers, project is being developed by Bizzi & Partners Development although a recent survey shows that asking rents have with Aronov Development and Halpern Real Estate Ventures. moderated and are now averaging $312 per square foot. The Bank of China reportedly provided a $320 construction Asking rents were highest on Broadway where they average loan for the project, which required an assemblage of $487 per square foot, Prince Street where they average properties on Varick Street from Broome to Watts Streets. $768 per square foot, and Spring Street where they average $494 per square foot. In April, Hines announced it had been selected by Properties LLC, a joint venture of Trinity Church and Norges Bank Real Estate Management, as the operating partner for 11 office buildings totaling 4.9 million of commercial space, including nine in the SoHo area. As part of the agreement, Hines acquired a minority stake of 1 percent in the portfolio totaling $35.5 million.

Eastern Consolidated has sold dozens of properties in SoHo and was active in the last six months, arranging the sale of all the shares in a 4-story, ±20,600-square-foot residential co-op at 61-63 Crosby Street for $42 million, or over $2,000 per square foot. By selling the shares simultaneously, the transaction unlocked greater value for the seven loft owners, many of whom had owned their apartments since the building first went co-op in 1981. The firm also is selling other properties in the area including retail condos at 262-272 Mott Street, a five-story, mixed-use building at 135-137 Thompson Street, and a 3-story loft at 52 Greene Street.

01 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

SoHo Area | Sales * Portfolio sale/partial interest

Property Address Property Type Sale Date Sale Price

11 Howard St Hospitality 4/14/2016 $170,000,000

61-63 Crosby St Mixed Use 2/1/2016 $42,000,000

329-331 Canal St Mixed Use 1/8/2016 $24,000,000

125-127 Grand St Mixed Use 5/13/2016 $20,377,000

58-60 Elizabeth St Mixed Use 5/13/2016 $16,700,000

24 Prince St Mixed Use 4/18/2016 $13,750,000

42 Grand St Mixed Use 1/28/2016 $12,750,000

490 Broadway Office 1/8/2016 $140,000,000

100 Varick St Condo Development 1/21/2016 $135,000,000

123-127 Lafayette St Office 1/12/2016 $33,500,000

243 Canal St Office 5/4/2016 $25,000,000

121 Varick St, 7/7th Floor Office 6/8/2016 $10,800,000

75 Varick St * Office 4/29/2016 $7,592,307

345 Hudson St * Office 4/29/2016 $6,364,602

100 Avenue of the Americas * Office 4/29/2016 $4,283,495

205 Hudson St * Office 4/29/2016 $3,271,838

225 Varick St * Office 4/29/2016 $3,076,042

160-172 Varick St * Office 4/29/2016 $2,8 37,29 6

350 Hudson St * Office 4/29/2016 $2,135,730

435 Hudson St * Office 4/29/2016 $1,868,919

155 Avenue of the Americas * Office 4/29/2016 $1,464,943

151 Canal St Retail 1/22/2016 $9,140,244

134-138 Greene St, 138 Greene Retail 3/17/2016 $38,500,000

75 Kenmare St Specialty 6/6/2016 $55,000,000

Total $779,412,416

SoHo | Average Residential Rents

Studio 1 Bedroom 2 Bedroom 3 Bedroom Vacancy Rate

$2,943.00 $3,730.00 $5,545.00 $8,006.00 1.43%

02 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

SoHo | Average Retail Rents by Corridor

Retail Corridor Asking Rent

Ave of the Americas $250.00

Broadway $ 487.0 0

Broome Street $264.00

Canal Street $107.0 0

Crosby Street $ 327.0 0

Grand Street $180.00

Greene Street $205.00

Greenwich Street $65.00

Howard Street $180.00

Hudson Street $114.00

Lafayette Street $257.0 0

Mercer Street $439.00

Prince Street $768.00

Spring Street $494.00

Sullivan Street $209.00

Thompson Street $175.00

Varick Street $131.00

West Broadway $299.00

West $106.00

Wooster Street $228.00

SoHo | Average Retail Rents

SF Lease Price (PSF)

Average 4,152 $312

Median 2,600 $243

Minimum 375 $48

Maximum 30,000 $1,250

03 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

SoHo Community District Data

Source: NYU Furman Center, State of ’s Housing and Neighborhoods in 2015

04 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

Select Eastern Consolidated Transactions | SoHo &

Commercial Development Mixed Use Residential Retail Retail Leasing

1. 210 11. 15-25 Kenmare Street 20. 148 Spring Street 24. 113-115 Mercer Street 32. 122-124 Spring Street 42. 133 Grand Street

2. 21-27 Mercer Street 12. 176-178 21. 19-21 Crosby Street 25. 152-154 Thompson 33. 133 Greene Street 43. 149-151 Elizabeth Street 13. 180-186 Avenue of the Street 3. 216 Bowery 22. 91 Crosby Street 26. 234-236 Mulberry 34. 145 Greene Street Americas Street 44. 181 Grand Street 4. 29 Greene Street 14. 250-252 Bowery 35. 20-26 Greene Street Office 27. 239 Mulberry Street 45. 206 Spring Street 5. 40-42 Thompson Street 15. 27-29 Wooster Street 23. 131-137 Spring Street 28. 475-477 & 480-482 36. 204-210 46. 21 Thompson Street 16. 311-323 West 6. 448-452 Broome Street Broadway 29. 58-62 Spring Street 37. 221-225 Centre Street 47. 28 Grand Street 7. 470 Broome Street 17. 350 West Broadway 30. 61 Sullivan Street 38. 481 Washington Street 48. 30-32 Grand Street 8. 525 Broome Street 18. 47-49 Greene Street 31. 61-63 Crosby Street 39. 57-63 Greene Street 49. 38-40 Grand Street 9. 67-69 & 71-73 Spring 19. 55 Mercer Street Street 40. 60 Spring Street 50. 403 Broome Street 10. 72-76 Greene Street 41. 81 Spring Street 51. 98 Kenmare Street

05 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Recently Closed Transactions | SoHo & Nolita

61-63 Crosby Street

Property Type Mixed-Use Location SoHo Square Footage 20,600 SF Selling Price $42,000,000

47-49 Greene Street

Property Type Mixed-Use Location SoHo Square Footage 25,000 SF Selling Price $31,000,000

216 Bowery

Property Type Commerical Location Nolita Square Footage 4,900 SF Selling Price $13,000,000

61 Sullivan Street

Property Type Multifamily Location SoHo Square Footage 5,474 SF Selling Price $8,050,000

06 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Recently Closed Transactions | SoHo

20-26 Greene Street

Property Type Retail- Leased Location SoHo Square Footage $9,950,000

28 Grand Street

Property Type Retail- Leased Location SoHo Square Footage 700 SF

21 Thompson Street

Property Type Retail- Leased Location SoHo Square Footage 1,080 SF

30 Grand Street

Property Type Retail- Leased Location SoHo Square Footage 700 SF

07 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Recently Closed Transactions | SoHo

403 Broome Street

Property Type Retail- Leased Location SoHo Square Footage 400 SF

38-40 Grand Street

Property Type Retail- Leased Location SoHo Square Footage 1,660 SF

Eastern Consolidated’s Select Exclusives | SoHo

135-137 Thompson

Property Type Mixed- Use Location SoHo Square Footage 9,572 SF Asking Price $17,500,000

08 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Select Exclusives | SoHo

42-44 Grand Street

Property Type Multifamily Location SoHo Square Footage 10,150 SF Asking Price $13,900,000

52 Greene Street

Property Type Mixed-Use Location SoHo Square Footage 5,425 SF Asking Price $19,950,000

262-272 Mott Street

Property Type Retail Condo Location SoHo Square Footage 10,444 SF Asking Price $27,500,000

21 Crosby Street

Property Type Retail Location SoHo Square Footage 4 Spaces Available: 300-520 SF Asking Rent Ground Floor: $325 PSF, Lower Level: $75 PSF

09 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Select Exclusives | SoHo

330 Spring Street

Property Type Retail Location SoHo Square Footage 2,500 SF Asking Rent $125 PSF

156 Sullivan Street

Property Type Retail Location SoHo Square Footage 1,000 SF Asking Rent $185 PSF

206 Spring Street

Property Type Retail Location SoHo Square Footage Ground, Second and Third Floor Spaces: 2,500 SF Asking Rent Upon Request

160 Prince Street

Property Type Retail Location SoHo Square Footage 3,350 SF Asking Rent $35,000 Per Month

10 | MetroGrid Report | SoHo FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Select Exclusives | SoHo

21 Clevenland Place

Property Type Retail Location SoHo Square Footage 950 SF Asking Rent $8,250 Per Month

26 Grand Street

Property Type Retail Location SoHo Square Footage 1,600 SF Asking Rent $160 PSF

349 West Broadway

Property Type Retail Location SoHo Square Footage 2,000 SF Asking Rent $225 PSF

435 Broome Street

Property Type Retail Location SoHo Square Footage 6,050 SF Asking Rent $175 PSF

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