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Vertex Acquires SoHo Boutique Mixed-Use
New York City‑based real estate investment platform Vertex has acquired 61–63 Crosby St., a boutique, mixed-use building located in SoHo. Terms were not disclosed. The five-story, 32,400-square-foot landmark building is 100% leased, with long-term stability provided by Patagonia’s New York City flagship anchoring the retail component under a lease that runs through 2040. The historic property underwent a comprehensive redevelopment in 2018.
Newmark’s Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Meaghan Philbin brokered the all-cash transaction. Olmstead Properties will serve as the property manager and exclusive leasing agent at the building.
“This is exactly the type of stable, high-quality asset we want to own for the long term,” said Patrick Pavone, co-founder of Vertex. “We built Vertex to pursue both short-term opportunities and long-term holds that produce strong, tax-efficient cash flow. 61–63 Crosby St. fits that approach — a well-located historic building in a neighborhood with real momentum. We’re glad to add it to our growing portfolio.”
- ◦Sale/Acquisition
