Michael Alvandi Of City Urban Realty Acquires Development Site In Soho For $14M

The development site located at 144 Spring Street in Soho, Manhattan, has been acquired for $14,000,000. The property encompasses 8,000 square feet, translating to a price per square foot of $1,750. The transaction occurred on February 27, 2026, marking a significant acquisition in the current real estate market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $14,000,000
• Buyer: Michael Alvandi - City Urban Realty
• Seller: Michael Martell - 144 Spring Street
• Date of Sale: 2/27/2026
• Square Footage: 8,000
• Price Per Square Foot: $1,750

City Urban Realty, represented by Michael Alvandi, successfully negotiated this acquisition directly with the seller, Michael Martell. This transaction is notable as it was completed on an off-market basis and is the third purchase by City Urban Realty in Soho in the last six months. The company is actively seeking various investment opportunities, including retail, multifamily, office, and industrial assets in targeted areas.