The newly acquired retail space in SoHo, featuring popular tenants like Eataly and Moncler.
Meadow Partners has completed a $37 million acquisition of the retail space anchored by Eataly at 200 Lafayette Street, marking a significant investment in the Manhattan retail scene. The property, which spans 31,000 square feet, includes prominent tenants such as Eataly and Moncler. The sale represents a decrease from its initial listing price, although retail demand in SoHo is showing recovery signs. This acquisition signals a continued interest in SoHo’s retail potential amid changing market dynamics.
New York City – Meadow Partners has finalized a $37 million acquisition of the Eataly-anchored retail space located at 200 Lafayette Street in SoHo, according to a deed registered with the city. This sale marks a significant investment in Manhattan’s retail landscape as the property transitions from its previous owner, Brookfield, who had purchased it as part of a larger deal in 2018.
The deed for the sale was recorded on Thursday, indicating that the transaction officially closed on June 24. The commercial condo, which spans 31,000 square feet, includes approximately 28,000 square feet devoted to retail and office spaces spread over eight floors, in addition to 3,400 square feet designated as common areas. The main retail activity occurs on the ground and second floors, with Eataly occupying about 18,000 square feet, and luxury French coat maker Moncler leasing around 12,000 square feet.
The sale price of $37 million translates to roughly $1,200 per square foot, slightly below the initial listing price of $40 million that Brookfield set in November. This reflects a decrease of about 8% from the asking amount, despite the growing recovery of retail in SoHo, which recorded the second-highest number of lease signings in Lower Manhattan during the first quarter of 2023, totaling 46,200 square feet.
Eataly, known for its Italian marketplace featuring restaurants, cafes, and food counters, initially opened this SoHo location in December 2023. The lease agreement for Eataly extends until 2038, ensuring its presence at 200 Lafayette Street for the foreseeable future. Similarly, Moncler’s lease remains valid through 2033, providing stability for the property’s retail environment.
The SoHo neighborhood has recently shown trends of retail recovery, highlighted by average rents on the nearby Spring Street shopping corridor reaching about $700 per square foot annually. Foreign grocery chains have been expanding their footprint in Manhattan, which includes the entry of Lidl into multiple city locations and Aldi, which has been operating in Queens for over ten years. Local chains, like Lincoln Market, have also expanded their presence by leasing significant spaces in Midtown.
200 Lafayette Street boasts a complex history of ownership. It was previously owned by John Zaccaro Sr., before developers Jared Kushner and CIM Group acquired the property in 2012 for $50 million. General Growth Properties later purchased it for $148 million in 2013 and carried out condo conversions in the year 2015.
Founded in 2009, Meadow Partners specializes in real estate investments and manages a robust portfolio valued at $16.6 billion across various property sectors in the United States. Despite attempts to reach out for comments regarding the transaction from Meadow Partners, Eataly, Moncler, and Brookfield, there were no responses. The silence from the parties involved leaves speculation on how this acquisition may influence the retail dynamics in SoHo moving forward.
This deal signifies both a reassurance of Eataly’s enduring role in the New York retail scene and an indicator of broader recovery patterns in the SoHo vicinity. Moving forward, it will be critical to monitor the ongoing development within this urban retail space, as the area continues to evolve and attract diverse interests from both local and national retailers.
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