- Shorenstein Properties closed on 148 Lafayette Street in SoHo for $132.5M, buying the 153,000 SF boutique office from Tishman Speyer, which had owned it for just 17 months.
- The building is 100% leased, with Charlotte Tilbury, Graphite and General Catalyst among the tenants, and Tishman signed about 25,000 SF of new leases on two floors before the sale.
- At roughly $866 per SF, the price sits well above the $561 citywide office average from Avison Young, as Manhattan office sales volume fell 52% in the third quarter.
Shorenstein Properties closed its $132.5 million purchase of a SoHo office at 148 Lafayette Street from Tishman Speyer, GlobeSt reports.
Tishman bought the building 17 months ago for $105.5 million, so the seller booked about $27 million of appreciation. The Real Deal first reported in September that the two sides had a deal.
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A Fully Leased Boutique
The 153,000 SF Class A building got a 2017 renovation. It has 13-foot ceilings, two outdoor terraces and ground-floor retail.
It’s 100% leased. Tishman signed roughly 25,000 SF across two floors that were due to go vacant this year.
Charlotte Tilbury, Graphite and General Catalyst lease space, and the venture firm runs its new headquarters there. Clothing store 260 Sample and Five Points Academy, a martial arts studio, fill the retail space.
Price Check
By CRE Daily’s math, $132.5 million works out to about $866 per SF. That’s well above the $561 per SF New York office average in Avison Young’s third-quarter data, though a renovated SoHo boutique isn’t a typical comp.
Tishman worked with Newmark’s Adam Spies and Avery Silverstein on the sale. Chris Shehadeh, a Tishman senior managing director, said in a statement that the firm executed its plan ahead of schedule and still sees demand for premier Manhattan office from tenants and institutional buyers.
Zoom Out
The sale lands in a soft quarter. Avison Young data cited by GlobeSt shows New York office sales volume fell 52% from a year earlier to $1.16 billion in the third quarter, with pricing off 14%. GlobeSt ties the slowdown to volatile interest rates.
CRE Daily’s brief on NYC investment sales covered the same report. Office was still the largest property class in the quarter, and volume has topped $1 billion for five straight quarters.
Why It Matters
Fully leased, recently upgraded buildings are where buyers keep showing up, even as the broader office market reprices.
Leasing fundamentals back that up. CRE Daily’s report on Manhattan office vacancy noted a 12.6% rate in the third quarter, the lowest since before 2020, per Commercial Observer.
What’s Next
Avison Young expects Manhattan investment sales to reach $12.8 billion in 2026, up 6%, as CRE Daily reported earlier. Rates will decide whether pricing like this at 148 Lafayette spreads to more deals.
