On Monday, RFR announced the sale of 102 Greene St., a flagship retail property in SoHo fully occupied by Cartier on four floors. The property was sold for $46 million at a 4.25% cap rate to an undisclosed buyer. RFR had originally purchased the property in 2022 for $31.5 million at a cap rate of 6.5%.
According to Gaby Rosen, an RFR principal, their investment in 102 Greene was successful due to their belief that New York’s period of high retail vacancy would soon come to an end and demand from luxury retailers would return strongly in prime neighborhoods like SoHo.
This prediction has been proven true with examples such as Cartier’s new four-story luxury retail experience at 102 Greene and Balenciaga’s recent opening at nearby location,110 Greene St.. Other notable luxury brands like Gucci and Prada have also paid record prices this year for their Fifth Avenue flagships.
The off-market sale was brokered by Michael Hunter Coghill of Adirondack Capital Partners on behalf of RFR.
