- RFR sold 102 Greene Street, home to Cartier’s Soho flagship, for $46M—an increase from its $32M purchase price in 2022. This achieved a 4.2% cap rate.
- The sale underscores continued investor interest in Manhattan’s luxury retail corridors, where high-end brands are reinvigorating the post-pandemic market.
- RFR’s recent transactions, including a $160M sale of a Gowanus development site, indicate a strategic portfolio shift amidst ongoing legal battles over the Chrysler Building.
According to The Real Deal, Aby Rosen’s RFR Holding is seizing on the luxury retail resurgence in Manhattan, selling the fully leased 102 Greene Street property in Soho for $46M to an undisclosed Japanese conglomerate.
Retail Recovery
Cartier’s lease transformed the historic 1881 building into a versatile flagship with gallery space, studios, a lounge, and a rooftop garden, boosting the property’s appeal and helping RFR achieve a favorable 4.2% cap rate.
RFR’s sale reflects a broader trend of renewed demand in Manhattan’s upscale retail corridors. Soho, in particular, has been pivotal in Manhattan’s post-pandemic retail recovery, attracting international investors and iconic brands.
In October, for instance, Spanish fashion magnate Isak Andic purchased a retail condo at 512 Broadway for $26.9M, indicating Soho’s resilience and appeal.
Portfolio Rebalancing
RFR has been making other moves beyond retail. Last month, the company agreed to sell an 827-unit development site in Gowanus for over $160M, signaling a strategic pivot and rebalancing of its assets.
At the same time, RFR is navigating legal issues tied to its high-profile Chrysler Building lease dispute with Cooper Union, which recently won the right to collect tenant rents.
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Looking Ahead
RFR acquired 102 Greene Street in 2022 for $31.5M, months after Cartier signed its lease. The property had been valued at $43.5M in 2017, with a notable transaction involving SL Green’s (SLG) sale of its 90% stake.
As luxury retail rebounds, RFR’s recent transactions reveal an agile approach to capitalize on prime assets in Manhattan’s evolving market. The Cartier building sale reflects broader investor confidence in the recovery of NYC’s retail scene, setting a positive tone for future deals in top-tier locations. that could stabilize Watertown’s life sciences sector in the coming years.
