PRESS RELEASE: Avison Young Arranges Sale of 198 Prince Street in SoHo1 Jun 2020
Boutique downtown mixed-use building sells for $4.5 million
New York, NY – The Tri-State Investment Sales group for Avison Young today announced the sale of 198 Prince Street, a 5,000-square-foot, five-unit boutique mixed-use property in the SoHo neighborhood of Manhattan. The property, which had been under long-term ownership by an estate, sold for $4.5 million.
An Avison Young team led by Senior Director Brandon Polakoff represented the seller in the negotiations.
“The 198 Prince Street property is situated in one of New York City’s most desirable neighborhoods,” said Polakoff. “We quickly identified the ideal buyer for this value-add asset on behalf of our client and Avison Young was able to strike an off-market deal that was beneficial for both sides.”
Considered one of New York City’s most well-known and eclectic neighborhoods, SoHo is recognized for its upscale amenities, cultural institutions and is considered a haven for the city’s many artists and students. The neighborhood is within close proximity to several mass transit choices, including the A, C and E trains at the Spring Street station in addition to the 1, 2, 3, N and R trains as well as uptown, downtown and cross-town bus options. The property also provides easy access to the Holland Tunnel.
About Avison Young
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm's experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors. For more information, please visit Avison Young New York or follow them on Twitter.
Gail Donovan, Senior Director of Marketing, Tri-State
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orTom Nolan | Great Ink Communications