ASB Pays $93 Million for Dolce & Gabbana Flagship

Dolce & Gabbana hasn’t even opened its new flagship store in New York City’s Soho neighborhood, and the building already has a new owner promising an extensive renovation. ASB Real Estate Investment paid $93 million for a majority stake in 155 Mercer St., a historic building on the same block as retailers Marc Jacobs, Marni, Tory Burch, Balenciaga, Prada, Versace, and Vera Wang.

ASB bought its share from Thor Equities, which remains a partner in the ownership of the building. Thor reportedly purchased the building from the Joyce Theater Foundation in 2013 for $27.3 million.

Dolce & Gabbana signed a long-term, triple-net lease for the whole building earlier this year. High-ceilings and historic detail grace the three-story, 14,600-square-foot, retail space, built as a firehouse in 1854. ASB plans a restored façade as well as new storefront, building systems, elevators, and skylight windows.

— Bendix Anderson

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