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SL Green Realty Corp. (NYSE:SLG) today announced two separate agreements to acquire prime retail condominiums located along two of SoHo’s most popular shopping corridors.
The company entered into contract to acquire the 7,200 square foot retail condominium at 121 Greene Street in Lower Manhattan. The asset is located adjacent to Ralph Lauren’s SoHo store and directly across the street from Apple’s local flagship. It is fully occupied by two retailers, both at below market rents: the boutique eyewear house, Warby Parker, and the New York based luxury womenswear and accessories designer, Proenza Schouler.
The company also announced it has entered into an agreement to acquire a 5,218 square foot retail condominium at 115 Spring Street, between Mercer and Greene streets. The grade-level and basement space, leased at below-market rents through January 2017, is occupied by Opera Gallery.
The acquisitions will add to SL Green’s expanding prime retail property portfolio, which features substantial investment interests along several of New York City’s most heavily trafficked retail corridors. The Company’s SoHo presence already includes retail assets at 131-137 Spring Street and a participating preferred investment at 530-536 Broadway.
SL Green Managing Director Brett Herschenfeld, said, “The SoHo submarket is experiencing a phenomenal surge in consumer demand driven by the appeal of the area’s destination shopping experience by both tourists and New York City residents. We believe the outlook for long-term economic growth in this neighborhood is very strong.”
Mr. Herschenfeld continued, “These strategic acquisitions position us well to participate in growth in the SoHo submarket going forward. Coming on the heels of our recent high-profile investment at 650 Fifth Avenue, they further expand our overall New York City retail footprint, a strategic focus of the company’s recent investments. We will continue to seek new opportunities in New York City’s best retail locations.”
SL Green Realty Corp., New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2013, SL Green held interests in 92 Manhattan buildings totaling 44.4 million square feet. This included ownership interests in 27.8 million square feet of commercial buildings and debt and preferred equity investments secured by 16.6 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 31 suburban buildings totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.