5-Story Commercial Office Building on Greene Street in SoHo NYC Sold for $27.25M

Successful Sale of 142-144 Greene Street in SoHo, Manhattan

Bob Knakal and his team successfully closed the sale of 142-144 Greene Street, a commercial conversion and office user property in the sought-after SoHo neighborhood. The property was sold by CS Greene Street GP Corp, represented by Joel Seiden, to renowned designer Paul Smith for $27,250,000.

The property was a unique opportunity for Paul Smith, who sought to expand his retail and office space in this high-demand area. Bob Knakal's expertise and strategic approach ensured that both the buyer and seller achieved optimal results.

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Sale Details

The property at 142-144 Greene Street was a mixed-use conversion site with commercial office space, ideally situated for both retail and office usage. The final sale price was $27,250,000, translating to a price of $1,126.03 per square foot for the 24,200-square-foot building. The transaction closed on April 27, 2006, marking a significant milestone for both parties.

Sale Price: $27,250,000
Seller: CS Greene Street GP Corp, Joel Seiden
Buyer: Paul Smith (Designer, Retailer)
Buyer Type: Retailer
Property Type: Conversion, Commercial, Office, User
Sale Date: April 27, 2006
Building Size: 24,200 SF
Units: 3

Property Details

The property at 142-144 Greene Street is located in the heart of SoHo, a vibrant and historically rich neighborhood known for its high-end retail, art galleries, and loft-style spaces. The building, consisting of commercial office space, was ideal for conversion into a user-friendly environment. Its prime location attracted a buyer like Paul Smith, seeking to establish a strong retail presence in one of Manhattan's most coveted areas.

Full Address: 142-144 Greene Street, New York, NY 10012
Zoning: Conversion, Commercial, Office, User
Property Type: Commercial Conversion
Lot Size: N/A

The Client: A Designer Seeking Retail and Office Space

Paul Smith, the celebrated designer, was looking to secure a space that could blend both retail and office needs, making this SoHo location an ideal fit. The seller, Joel Seiden, was represented by Bob Knakal and his team. Over time, Bob’s strategic insights and market updates helped Joel make informed decisions to secure a sale with the most favorable terms.

Market Strategy and Leverage

Bob Knakal's deep understanding of the SoHo market and his ability to leverage his network were key in achieving an optimal result. His market knowledge allowed him to position the property as a highly desirable location for Paul Smith, whose vision for a retail and office conversion aligned perfectly with the property’s features.

Neighborhood Overview

SoHo is one of Manhattan’s most iconic and desirable neighborhoods.
Known for its vibrant mix of high-end retail, galleries, and historic cast-iron buildings.
High demand for commercial and conversion properties due to its prime location and cultural cachet.
Offers close proximity to other key Manhattan destinations, including Greenwich Village and the Financial District.
A top choice for both retailers and users seeking a prestigious address in Manhattan.

Conclusion

The sale of 142-144 Greene Street showcases Bob Knakal's ability to guide both buyers and sellers through complex transactions, ensuring optimal outcomes for all involved. By understanding the unique dynamics of the SoHo market, Bob successfully closed a deal that aligned with the goals of both the high-net-worth seller and the renowned designer buyer.

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