News Summary
A mixed-use building at 149 Spring St. in SoHo, Manhattan has been sold for $25 million, just three years after being purchased for $17 million. The recent deal was brokered by JLL, with Creed Equities becoming the new owner. The building spans 19,000 square feet and includes seven residential units and 2,254 square feet of retail space, which is currently vacant. With a surge in commercial real estate activity in SoHo, future plans for the property remain uncertain, as demand and rental rates continue to rise.
New York City – A mixed-use building located at 149 Spring St. in SoHo, Manhattan, has been sold for $25 million, marking its second sale in just three years. The property was previously acquired by the development firm EMP Capital in 2022 for $17 million.
The recent sale was facilitated by a team of brokers from the commercial real estate firm JLL, including Michael Mazzara, Ethan Stanton, Brendan Maddigan, Steve Rutman, Guthrie Garvin, and Hall Oster. Creed Equities, a private family-run investment firm based in Midtown, is the new owner of the building. This firm also has a portfolio that includes notable properties in New York City, such as 1450 Broadway in Times Square, a 41-story Class A office building with ground-floor retail, and 1330 Sixth Ave., a 40-story Class A office building.
The building at 149 Spring St. spans 19,000 square feet and comprises seven residential units along with 2,254 square feet of vacant ground-floor retail space. This retail area was last occupied by Piombo, a sportswear brand owned by the Italian apparel company OVS. While the property has changed hands, the future plans for its development remain uncertain. There is potential for either redevelopment or leasing to a new tenant.
The lot is zoned for both manufacturing and medium-density residential uses. Additionally, SoHo has seen a notable increase in commercial real estate activity. The average commercial asking rent in the neighborhood surged to $621 per square foot during the first half of the year, and retail rents rose by 9%, averaging $351 per square foot compared to the previous year.
Currently, all residential rental units in the building are occupied, with no availability. The last listed unit was a 2,250-square-foot three-bedroom apartment, which had an asking rent of $15,000 per month. Despite inquiries, neither EMP Capital nor Creed Equities provided comments regarding the sale by the time of this report.
This sale reflects ongoing trends in the New York City real estate market, particularly in the desirable SoHo neighborhood, where both residential and commercial property values are experiencing upward pressure.
As commercial and retail spaces become increasingly competitive, it remains to be seen how the new ownership will approach the existing vacant retail space, keeping in view the rising demand and rental rates in SoHo.
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Additional Resources
- Crain’s New York
- Wikipedia: SoHo, Manhattan
- Commercial Search
- Google Search: real estate trends in SoHo
- New York Post
- Encyclopedia Britannica: Real Estate
- New York YIMBY
- Google News: SoHo commercial real estate
- Wallpaper
- Google Scholar: SoHo real estate market
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
