Adirondack Capital Partners (ACP), a boutique capital markets advisory firm focused on the sale of institutional-quality multifamily, high-street retail, industrial and land assets, announced the $18.5 million sale of 120 Spring St., a trophy high-street retail property. The 2,300-square-foot, two-story retail building, fully occupied by Birkenstock, was acquired by an ultra-high-net-worth private investor from Japan in an all-cash transaction. The seller was 120 Spring Realty Associates LLC.
Birkenstock’s long-term lease, which includes annual contractual rent escalations, provides durable in-place cash flow and long-term value.
Michael Hunter Coghill, managing partner at ACP, represented the seller in the transaction. ACP expects this trend to continue as global investors look to the U.S. for long-term stability, favorable rate dynamics and currency hedging advantages.
“120 Spring Street is a quintessential SoHo trophy asset, defined by its irreplaceable location, architectural character and a world-class credit tenant with a long-term commitment to the space,” said Coghill. “This sale highlights the continued demand from international investors, particularly from the Pacific Rim region, for prime New York City retail properties.”
Located within the SoHo Cast Iron Historic District, the property benefits from exceptional foot traffic, proximity to luxury retailers and destination dining and convenient access to major transportation hubs.
