Adirondack Capital Partners (ACP) closed the $18.5-million sale of 120 Spring St., a high-street retail property located in the SoHo Cast Iron Historic District. The two-story retail building, fully occupied as a flagship store by Birkenstock, was acquired by an ultra-high-net-worth private investor from Japan in an all-cash transaction. The seller was 120 Spring Realty Associates LLC.
Michael Hunter Coghill, managing partner at ACP, represented the seller. ACP expects this trend to continue as global investors look to the U.S. for long-term stability, favorable rate dynamics and currency hedging advantages.
“120 Spring Street is a quintessential SoHo trophy asset, defined by its irreplaceable location, architectural character and a world-class credit tenant with a long-term commitment to the space,” said Coghill. “This sale highlights the continued demand from international investors, particularly from the Pacific Rim region, for prime New York City retail properties.”
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