Christen Portelli, managing principal, and Michael Ferrara of Highcap Group have closed on the $33 million sale of 69 and 71-73 Greene St., located between Spring and Broome Sts. in the SoHo Cast Iron Historic District.
The transaction began months ago, but was finalized during the powerless days after Hurricane Sandy and closed two weeks later. Despite the fact of having no Internet and limited cell service during the week of the storm the duo, Portelli and Ferrara, consummated the negotiations.
It was the passion of deal making and long-term involvement in the properties that had Portelli driving in her car to not only charge her cell phone but to get to a point where she actually had phone reception in order to close out the final points of the deal with Ferrara along with the seller and buyer.
The location with retail tenants, Bo Concept and Onassis, and possibilities with upper floor loft apartments both free market and rent stabilized created incredible competition for the property.
The properties have 76' of frontage with 33,000 gross s/f. Family owned since the early 1900s and purchased by a local private investor; both parties were driven to close quickly in the 4th quarter of this with the looming capital gains tax increases for the upcoming years ahead. Tags: