Partners pay $200M to purchase One Soho Square
By REW Staff
MAY 23, 2012
Stellar Management and Imperium Capital have acquired two SoHo commercial buildings at 161 Avenue of the Americas and 233 Spring Street for a reported $200 million.
The partners plan to reposition the buildings, known as One Soho Square, into a Class A property.
The properties are located within the Hudson Square Business Improvement District (BID), the lower Manhattan neighborhood bounded by West Houston Street on the north, Canal Street on the south, 6th Avenue on the east and Hudson River on the west.
Home to almost 35,000 people working in advertising, design, media, communications and other innovation economy businesses, Hudson Square is a major creative and media location and one of the most desirable commercial districts in Manhattan.
“The dynamic Hudson Square and SoHo neighborhoods offer unlimited opportunities for future commercial growth. We are thrilled with this acquisition and our partnership with Stellar Management,” said Samuel Schneider, managing partner of Imperium Capital.
Starwood Property Trust originated a $170 million first mortgage loan on the buildings, collectively known as One SoHo Square,.
The 600,000 s/f of office and retail space is currently 96 percent occupied, according to Starwood.
“Starwood’s tailored financing solution and superb execution made a complex transaction a seamless acquisition,” noted Laurence Gluck of Stellar Management.
One SoHo Square occupies the majority of a city block on the corner of Avenue of the Americas and Spring Street and is situated four blocks east of the Hudson River and the Holland Tunnel.
Stellar Management’s recent portfolio activity includes the sale of the five residential towers at Columbus Square, the sale of the condominium-to-rental conversion at 111 Kent Avenue in Williamsburg, and the launch of the Windermere West End on the Upper West Side.
Imperium Capital recently acquired 103 Prince Street, the location of the SoHo Apple store, and 174-180 North 11th Street located in Brooklyn, New York.