SL Green Realty Corp. to acquire two SoHo retail condos

SL Green Realty Corp. has agreed to acquire retail condominiums located along two of SoHo's most popular shopping corridors. The company entered into contract to acquire the 7,200 s/f retail condominium at 121 Greene St. in Lower Manhattan. The asset is located adjacent to Ralph Lauren's SoHo store and directly across the street from Apple's local flagship. It is fully occupied by two retailers, both at below market rents: the boutique eyewear house, Warby Parker, and the New York-based womenswear and accessories designer, Proenza Schouler. The company has also entered into an agreement to acquire a 5,218 s/f retail condominium at 115 Spring St., between Mercer and Greene Sts. The grade-level and basement space, leased at below-market rents through January 2017, is occupied by Opera Gallery. The acquisitions will add to SL Green's expanding prime retail property portfolio, which features substantial investment interests along several of New York City's most heavily trafficked retail corridors. The company's SoHo presence already includes retail assets at 131-137 Spring St. and a participating preferred investment at 530-536 Broadway. SL Green managing director Brett Herschenfeld, said, "The SoHo submarket is experiencing a phenomenal surge in consumer demand driven by the appeal of the area's destination shopping experience by both tourists and New York City residents. We believe the outlook for long-term economic growth in this neighborhood is very strong." Herschenfeld said, "These strategic acquisitions position us well to participate in growth in the SoHo submarket going forward. Coming on the heels of our recent high-profile investment at 650 Fifth Avenue, they further expand our overall New York City retail footprint, a strategic focus of the company's recent investments. We will continue to seek new opportunities in New York City's best retail locations."