Tuesday, May 15, 2007

SPRING (ST.) IS IN THE AIR By LOIS WEISS - Business - New York Post Online Edition 

SPRING (ST.) IS IN THE AIR By LOIS WEISS - Business - New York Post Online Edition

Lois Weiss notes how a stand-out SoHO cornder site can fetch $250 million.

"This is one of the most exciting properties on the market today in SoHo," said Richard Baxter of Cushman & Wakefield, which is pitching the place to prospective buyers along with the rest of the fabulous foursome of Ron Cohen, Scott Latham and Jon Caplan.

There are three interconnected buildings on the corner of Broadway and Spring including Nos. 530, 532 and 536 Broadway. There is 125 feet of retail frontage on each street hosting Levi's, Scoop, Sketchers and Arden B., among others.

Dolce & Gabbana has its showrooms and offices on the entire second floor of all three buildings, which is where they hosted a sample sale last week with lines snaking out onto the street. All other commercial tenants have full floors in at least one building with some configured as duplexes or across two buildings.

Nearly all the leases expire over the next five years.

"I've been doing this for a long time and it's time to move on both in terms of me personally and knowing the right time to dispose of an asset," said Ken Schack, a third-generation principal of the company, which has owned the buildings for 60 years.

Looks like they're doing it at the right time.


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