As Seen in The Times:
The ornate cast iron SoHo building known as the King of Greene Street traded hands last week for $41.5 million. The deal was a 47 percent increase in value from when the property at 72-76 Green Street, designed by Isaac F. Duckworth, last sold five years ago. It is also the latest in a torrent of building sales that have taken hold this year in SoHo.
Last month, two buildings across the street at 69 and 71-73 Greene Street sold for nearly $33 million, while other recent deals include the sale of a retail condominium at 40 Mercer Street for $57 million and a development site at 144 Spring Street for $26.5 million, according to the brokerage firm RKF.
In fact, 38 buildings have traded hands for more than $626 million so far this year in SoHo, which is bounded by Houston Street to the north, Canal Street to the south, Lafayette to the east and West Broadway to the west. This is compared to just eight transactions totaling $64 million in 2009, when the market was at a low, according to data from Real Capital Analytics.
Even though the sales prices may be high, the upswing will probably continue. “SoHo is a very tight market — the amount of square footage is less than the Roosevelt Field Mall,” said Steven E. Baker, the president of the Winick Realty Group, referring to the popular Long Island mall. “It is the first choice of tourists and New Yorkers alike and retailers want and need to be there.”