Building Sales Surge in SoHo, Especially on the Side Streets

(The New York Times) The ornate cast iron SoHo building known as the King of Greene Street traded hands last week for $41.5 million. The deal was a 47 percent increase in value from when the property at 72-76 Green Street, designed by Isaac F. Duckworth, last sold five years ago. It is also the latest in a torrent of building sales that have taken hold this year in SoHo.

Last month, two buildings across the street at 69 and 71-73 Greene Street sold for nearly $33 million, while other recent deals include the sale of a retail condominium at 40 Mercer Street for $57 million and a development site at 144 Spring Street for $26.5 million, according to the brokerage firm RKF.

The view on Greene Street in SoHo, looking south. High rents and a scarcity of space have sent retailers onto smaller side streets. Credit: Marilynn K. Yee/The New York Times