Michael Alvandi Of City Urban Realty Purchases Retail Space At 182 Spring Street For $5.6M

The asset involved in this transaction is a retail property located at 182 Spring Street in SoHo, Manhattan. The sale price for the property was $5,600,000, and it encompasses a total area of 3,300 square feet, resulting in a price per square foot of $1,696.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $5,600,000
• Address: 182 Spring Street
• Market: SoHo, Manhattan
• Square Footage: 3,300
• Price Per Square Foot: $1,696
• Buyer: Michael Alvandi - City Urban Realty
• Seller: Madison Realty Capital & SK Development

City Urban Realty, represented by Michael Alvandi, negotiated this acquisition directly with no brokers involved. The company is engaged in multiple 1031 exchanges and seeks to acquire a variety of assets, including value-add retail, multifamily, office, and industrial properties in Manhattan south of 96th Street, prime Brooklyn, and the gold coast of Long Island, with deal sizes ranging from $5 million to $150 million.