72 Greene Street Case Study
SoHo Cast-Iron District Landmark Sale
48,000 SF
2012
Overview
The $42M sale of 72 Greene Street placed a 48,000 SF historic cast-iron building with prime SoHo retail frontage with L3 Capital, a retail-focused investor, at $875 per square foot. It closed two years before Skyline Properties’ record-setting $50M sale of the 131-133 Prince Street retail co-op and established the firm's track record on SoHo's landmark retail corridors.
The Challenge
Buildings in the cast-iron historic district carry landmark constraints along with top-tier retail positioning. Valuing 72 Greene Street meant weighing the strength of SoHo's retail corridor against what it takes to operate a landmarked asset.
Our Approach
Skyline Properties took the building's Greene Street retail frontage to investors who specialize in high-street retail. That buyer pool prices SoHo's corridor fundamentals and doesn't discount for landmark complexity.
The Result
The building sold to L3 Capital for $42 million, or $875 per square foot. Skyline Properties’ process connected a Chicago-based seller, Centrum Properties, with a specialist retail investor.
Key Takeaways
- Prime Greene Street retail frontage in the SoHo cast-iron historic district
- Specialist retail buyers price corridor fundamentals over landmark complexity
- Established Skyline Properties’ SoHo track record ahead of the record 131-133 Prince Street sale
- $875/SF for a 48,000 SF landmarked mixed-use asset
Press Coverage
1 article · 1 outletTraded
Frequently Asked Questions
Who brokered the sale of 72 Greene Street?
Robert Khodadadian of Skyline Properties brokered the $42M sale of 72 Greene Street from Centrum Properties to L3 Capital in 2012.
How much did 72 Greene Street sell for?
The 48,000 SF historic SoHo building sold for $42 million in 2012, or $875 per square foot.
Who bought 72 Greene Street?
L3 Capital, a retail-focused real estate investor, acquired the cast-iron district building for its prime Greene Street retail frontage.
Deal Metrics
Transaction Parties
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More press on 72 Greene Street
3 press features covering the $42M transaction at 72 Greene Street.
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Price, buyer, seller, $/SF, source citations
