JLL sells 19,000 s/f mixed-use residential building for $25 million

Manhattan, NY JLL Capital Markets arranged the $25 million sale of 149 Spring St., an eight-story, 19,000 s/f mixed-use residential and retail property located in SoHo.

JLL arranged the sale on behalf of New York City-based real estate development firm EMP Capital. Creed Equities, a private family-run investment firm based in New York City, was the buyer.

The ground floor features 2,254 s/f of vacant retail space, offering the opportunity to attract a world-recognized brand to one of New York City’s top retail corridors. Piombo, a sportswear brand owned by Italian apparel company OVS, previously occupied the space.

149 Spring St. is located within a retail corridor occupied by brands such as Jacquemus, Gucci, Celine and Saint Laurent, as well as boutiques and international chains. The property is near several subway stations, providing access across Manhattan and the boroughs.

A JLL team including Michael Mazzara, Ethan Stanton, Brendan Maddigan, Steve Rutman, Guthrie Garvin and Hall Oster arranged the sale.

In its second quarter Manhattan retail outlook, JLL found that SoHo retail rents increased 9% from the same time last year to an average of $351 per s/f. Soho is also ranked among the top U.S. destinations for new luxury store openings with nearly 40,000 s/f of newly opened luxury retail recorded in the year since July 2024.