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RFR Trades Cartier Property in SoHo at Nearly 50% Premium
RFR said Monday it sold 102 Greene St., a SoHo flagship retail property fully occupied by Cartier across four floors, for $46 million at a 4.25% cap rate to an undisclosed buyer. The company acquired 102 Greene for $31.5 million at a 6.5% cap rate in 2022.
Two years later, “RFR’s successful investment in 102 Greene was grounded in the belief that the period of elevated retail vacancy in New York was rapidly coming to an end, and demand from luxury retailers in the city’s best neighborhoods would come back strongly,” said Gaby Rosen, an RFR principal.
In SoHo, examples of that demand include Cartier’s new four-story luxury retail experience at 102 Greene and the recent opening of Balenciaga at 110 Greene. This year has also seen Gucci, Prada and others pay record prices to acquire their Fifth Avenue flagships.
Michael Hunter Coghill of Adirondack Capital Partners brokered the off-market sale.
