{"id":1004736941,"date":"2024-11-13T05:19:01","date_gmt":"2024-11-13T13:19:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004736941"},"modified":"2024-11-14T13:29:03","modified_gmt":"2024-11-14T21:29:03","slug":"rfr-sells-soho-retail-asset-for-46m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/","title":{"rendered":"RFR Sells SoHo Retail \u2018Jewel\u2019 for $46M"},"content":{"rendered":"\n<p>RFR Holding has sold 102 Greene Street, a 9,200-square-foot&nbsp;retail asset in New York City\u2019s Manhattan borough, for $46 million. Adirondack Capital Partners brokered the off-market transaction.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"661\" height=\"496\" data-attachment-id=\"1004736942\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/102-greene-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg\" data-orig-size=\"661,496\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"102 Greene Street\" data-image-description=\"&lt;p&gt;102 Greene Street. Image courtesy of RFR Holding&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;102 Greene Street. Image courtesy of RFR Holding&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg?w=661\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg\" alt=\"exterior shot of 102 Greene Street\" class=\"wp-image-1004736942\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg 661w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 661px) 100vw, 661px\" \/><\/a><figcaption class=\"wp-element-caption\">All four floors at 102 Greene Street are occupied by Cartier. <em>Image courtesy of RFR Holding<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>When RFR bought 102 Greene, they expected a 6.5 percent return on their investment based on the property\u2019s income, but the property was later sold at a higher price, resulting in a lower 4.25 percent return for the new buyer.<\/p>\n\n\n\n<p>The company purchased 102 Greene two years ago for $43.5 million, in a period when Soho vacancies were at historic highs. Investment firm TA Realty and SL Green Realty sold the asset.<\/p>\n\n\n\n<p>Cartier occupies the four-story flagship retail property at 102 Greene. The Paris-based architectural firm Studioparisien renovated the building, blending Cartier\u2019s design with SoHo\u2019s industrial and artistic heritage. The property includes luxury goods sales and product care services, a green marble bar with lounge seating, a loft with living and dining areas, and a rooftop garden.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/shopping-changed-dramatically-retail-design-is-one-step-ahead\/\">Shopping Changed Dramatically. Retail Design Is One Step Ahead.<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>102 Greene Street, designed by architect Henry Fernbach alongside its sister building at 96 Greene Street, was completed in 1881 as a five-story building. It has housed notable tenants, including S. Epstein &amp; Sons and sculptor William Tarr, who created the iconic cast iron door and panel at the entrance.<\/p>\n\n\n\n<p>Demand for the <a href=\"https:\/\/www.commercialsearch.com\/news\/charting-luxury-retails-course-in-the-new-economy\/\">luxury retail industry<\/a> in the city\u2019s top neighborhoods is expected to rebound strongly, according to RFR\u2019s Principal Gaby Rosen. Adirondack\u2019s Managing Partner Michael Hunter Coghill highlighted that this transaction emphasizes SoHo\u2019s lasting appeal as a prime destination for retail investment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-s-increased-retail-activity\">Manhattan\u2019s increased retail activity<\/h2>\n\n\n\n<p>Manhattan\u2019s retail market-driven by strong consumer confidence, increased office occupancy, a tourism boom and New York Fashion Week- experienced continued growth in the third quarter of this year.<\/p>\n\n\n\n<p>Limited availability and strong demand in prime Manhattan retail areas pushed asking rents higher for the eighth consecutive quarter, up 3.1 percent, according to a recent Cushman &amp; Wakefield report. Pricing recovery varied by neighborhood, with SoHo seeing a 19.0 percent year-over-year increase in average asking rent to $388 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cartier fully occupies the boutique property.<\/p>\n","protected":false},"author":3014,"featured_media":1004736942,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21749],"tags":[33775],"class_list":["post-1004736941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-retail","tag-rfr-holding"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RFR Sells SoHo Retail \u2018Jewel\u2019 for $46M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"RFR Holding has sold 102 Greene Street, a 9,200-square-foot\u00a0retail asset in New York City\u2019s Manhattan borough, for $46 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RFR Sells SoHo Retail \u2018Jewel\u2019 for $46M\" \/>\n<meta property=\"og:description\" content=\"RFR Holding has sold 102 Greene Street, a 9,200-square-foot\u00a0retail asset in New York City\u2019s Manhattan borough, for $46 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-13T13:19:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-14T21:29:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"661\" \/>\n\t<meta property=\"og:image:height\" content=\"496\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/\",\"name\":\"RFR Sells SoHo Retail \u2018Jewel\u2019 for $46M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg\",\"datePublished\":\"2024-11-13T13:19:01+00:00\",\"dateModified\":\"2024-11-14T21:29:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"RFR Holding has sold 102 Greene Street, a 9,200-square-foot\u00a0retail asset in New York City\u2019s Manhattan borough, for $46 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rfr-sells-soho-retail-asset-for-46m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/102-Greene-Street-e1731419968131.jpg\",\"width\":661,\"height\":496,\"caption\":\"102 Greene Street. 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