Adirondack Capital Partners sells 120 Spring St. for $18.5 million; leased to Birkenstock

Manhattan, NY Adirondack Capital Partners (ACP) has sold 120 Spring St., a retail property located in SoHo for $18.5 million. The two-story retail building, fully occupied by Birkenstock, was acquired by a private investor from Japan in an all-cash transaction. The seller was 120 Spring Realty Associates LLC.

The 2,300 s/f flagship retail property is situated on Spring St. between Mercer and Greene Sts. The property is fully leased on a long-term basis to Birkenstock, whose location at 120 Spring St. serves as its first New York City flagship store.

Michael Hunter Coghill, managing partner at ACP, represented the seller.

“120 Spring St. 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.”

Located within the SoHo Cast Iron Historic District, the property benefits from exceptional foot traffic, proximity to luxury retailers and destination dining and convenient access to major transportation hubs. Birkenstock’s long-term lease, which includes annual contractual rent escalations, provides durable in-place cash flow and long-term value.