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Glass Stone Properties LLC Acquires Mixed-Use Building In SoHo, Manhattan For $21M

Property Image
SOLD
$21,000,000
Zachary Redding
Dylan Kane
+ 4

New York

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Mixed-use13,816 SF
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Property Image
SOLD

Glass Stone Properties LLC Acquires Mixed-Use Building In SoHo, Manhattan For $21M

173 Spring Street

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Mixed-use13,816 SF
Sold
Zachary Redding
Dylan Kane
+ 4
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1520
Total Square Footage:13816 SF
Transaction Type:Sale

The mixed-use building at 173 Spring Street in SoHo, Manhattan, was sold for $21 million. The property spans 13,816 square feet with a price per square foot of $1,520. The building's price per buildable square foot stood at $1,109, totaling 18,940 buildable square feet.

Summary of transaction details:

Glass Stone Properties LLC acquired the property from Extell Development, Bluestone Group, and Princeton Real Estate Partners as part of a larger portfolio once owned by Robert Gans, who lost it in bankruptcy.

Players

Zachary Redding
34 deals$984.7M volume
BROKER

Dylan Kane
Colliers
53 deals$2.7B volume(516) 965-7860
BROKER

Peter Nicoletti
Colliers
9 deals$717.5M volume
BROKER

Zach Redding
Colliers
49 deals$1.6B volume(570) 574-9015
BROKER

Eric Toddy
Colliers
1 deal$21M volume(610) 937-6844
BROKER

Jared King
Colliers
3 deals$80.7M volume(212) 492-3369
BROKER

Sarah Short
Colliers
3 deals$23.5M volume(781) 812-3350
BROKER

B6 Real Estate Advisors
BROKERAGE

Details

SOLD
IMAGE: Zach Redding, Jared King, Gary Barnett, Eric Toddy, Peter Nicoletti, Sarah Short & Dylan Kane DATE: 03/15/2024 ADDRESS: 173 Spring Street MARKET: Soho, Manhattan ASSET TYPE: Mixed-use BUYER: Glass Stone Properties LLC SELLER: Extell Development (@Extell), Bluestone Group & Princeton Real Estate Partners BROKERS: Dylan Kane (@DylanKane1), Eric Toddy, Jared King, Peter Nicoletti, Sarah Short & Zach Redding (@ZRedds) - Colliers International (@ColliersInternational) SALE PRICE: $21,000,000 BSF: 18,940 ~ PPBSF: $1,109 SF: 13,816 ~ PPSF: $1,520 NOTE: Glass Stone Properties LLC purchased the mixed-use building at 173 Spring Street in SoHo, Manhattan, from Extell Development, Bluestone Group, and Princeton Real Estate Partners for $21 million, part of a portfolio once owned by Robert Gans, who lost it in bankruptcy.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,120,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56