Fishman and Butwin of RKF Arranges $15 million sale of 63 Spring Street in SoHo on behalf of Silvershore Properties

RKF has arranged the sale of a 5,000 s/f building located at 63 Spring St. in the borough's SoHo district for $15 million, or $3,000 per s/f. RKF Investment Sales & Advisory Services president Jeff Fishman and senior analyst Jonathan Butwin represented the sellers Jason Silverstein and David Shorenstein of Silvershore Properties. The buyer, Spring Lafayette, LLC, was represented by RKF Managing Director Marc Finkel. Silvershore Properties purchased the fully-occupied property in 2013 for $6.4 million. "We recognized the opportunity to unlock tremendous value by vacating the entire building and marketing the property as a trophy retail play" said Silverstein. "RKF was the best partner to help us deliver that message to the market." 63 Spring St. consists of ground floor retail space with 100 feet of wraparound frontage, and four floors of full-floor residential units. The entire building, which was originally constructed in 1910, is being delivered vacant. The ground floor retail space was formerly occupied by Lafayette Smoke Shop. "The investment sales market in SoHo remains extremely competitive," said Fishman of RKF. "We had great interest in this asset as there is tremendous upside in repositioning and leasing the retail space." 63 Spring St. is situated on the corner of Spring and Lafayette streets. The intersection serves as the eastern gateway to SoHo and sees consistent pedestrian and vehicular traffic with the Spring Street station for the 6 subway line immediately adjacent to 63 Spring St.