Luxury Retail Property in SoHo Sells for Record-Breaking Price
91 Crosby St. sells for an undisclosed amount, setting a new record for price per square foot in the area.
Luxury retail property at 91 Crosby St. in SoHo has been sold for an undisclosed amount, setting a new record for price per square foot in the area. The property was sold by an undisclosed seller to an undisclosed buyer, and the brokers involved in the deal have not commented.
The property is a three-story, 5,000 square foot building located in the heart of SoHo’s luxury retail district. The building features a modern glass facade and is home to several high-end fashion retailers.
The sale of 91 Crosby St. sets a new record for price per square foot in the area, surpassing the previous record of 8,000 per square foot set in 2018. The exact sale price has not been disclosed, but industry experts estimate that it could be as high as 10,000 per square foot.
The sale of 91 Crosby St. is a testament to the strength of the luxury retail market in SoHo. Despite the challenges posed by the COVID-19 pandemic, demand for high-end retail space in the area remains strong. The sale also highlights the importance of location in the luxury retail market, as the property’s prime location in the heart of SoHo’s luxury retail district undoubtedly played a role in the record-breaking sale price.
The brokers involved in the deal have not been disclosed, but industry experts speculate that top commercial real estate firms such as CBRE, JLL, and Cushman & Wakefield were likely involved. The sale of 91 Crosby St. is a major win for the brokers involved, as it is sure to generate significant commission fees.
Overall, the sale of 91 Crosby St. is a major milestone for the luxury retail market in SoHo and a sign of the continued strength of the New York City real estate market despite the challenges posed by the COVID-19 pandemic.