Hauspurg of Eastern Consolidated secures $31 million sale for Les Pieds Nickle’s Inc.; Gutoff of Eastern/Dankner of Prime rep buyer, EMP Capital

Manhattan, NY Eastern Consolidated arranged the sale of 49 Greene St. in SoHo, a six-story, mixed-use, elevator loft building with ground floor retail. The property traded for $31 million. Peter Hauspurg, chairman and CEO of Eastern Consolidated, represented the seller, Les Pieds Nickle’s Inc., and Deborah Gutoff, senior director and principal at Eastern, along with Robert Dankner, president of Prime Manhattan Residential, represented the buyer, EMP Capital. Gary Meese, senior director of Financial Services at Eastern, served as the analyst on the deal. The 25,000 s/f building offers 48-feet of frontage on Greene St. between Broome and Grand Sts.; 14-foot high ceilings in a vacant retail space totaling 4,000 s/f at grade level, and 1,500 s/f below grade; and seven occupied loft apartments, three of which are configured as full floor units. “This is the first time the entire building has been offered for sale in over 30 years, and presented the buyer with an excellent opportunity to acquire a well-located, mixed-use loft property in the heart of SoHo, one of Manhattan’s most highly sought after sub-markets,” said Hauspurg. Gutoff continued, “The property includes substantial future upside by repositioning the residential/loft units as condos and leasing the vacant retail component at today’s record high retail rents. Neighboring Greene Street buildings are commanding retail rents as high as $500 per square foot and condominium sales are eclipsing $3,500 and $4,000 per square foot.” The selling partnership was represented by Jeffrey M. Schwartz, Esq. of Schwartz Sladkus Reich Greenberg Atlas LLP and Adrian Zuckerman, Esq. of Seyfarth Shaw LLP, while the buyer was represented by Ira S. Nesenoff, Esq. of Nesenoff & Miltenberg, LLP. The property at 49 Greene Street is a short walking distance to multiple subway lines including the J, N, Q, R, Z, 6, A, C, and E, and is located near the Holland Tunnel for easy vehicular access for commuters and delivery trucks. Fashion, design, restaurants, and art permeate the streets of SoHo creating an unrivaled vibrancy. In addition to the neighborhood’s residents, New Yorkers and tourists flock to the neighborhood as it is easily accessible to all parts of the city and region. Retail options range from affordable boutiques and specialty stores to upscale designer apparel and home furnishings. SoHo also enjoys a diversified employment base due to multiple industries wanting to have a presence in the dynamic and sophisticated neighborhood. Businesses in the fashion and art sectors are complemented by financial services, technology, publishing, and advertising.