148 & 150 Spring Street
148 Spring Street, New York, NY 10012-3898
Marketing description
Jones Lang LaSalle ("JLL") has been exclusively retained to arrange the fee simple sale of 148 & 150 Spring Street ("the Property"), an institutional-quality mixed-use offering totaling approximately 14,507 square feet in the heart of SoHo. This rare offering comprises two adjacent buildings with 40 feet of combined Spring Street frontage between Wooster Street and West Broadway, positioned within one of New York City's most coveted and supply-constrained retail corridors.
148 Spring Street features ground floor retail and three commercial units above offering a diversified mix of retail, showroom, and office uses. 150 Spring Street consists of ground floor retail, two commercial units, and one apartment. There is optionality to convert the commercial office suites into residential apartments.
The combined properties are 77% leased to creditworthy national and boutique tenants with 7.6 years of WALT. Dr. Martens anchors the assets with a lease through October 2037. Amouage, the adjacent retail tenant has a lease through December 2032. Favorable net lease structures with tenant reimbursements for taxes, CAM, and insurance enhance cash flow and deal economics.
Investment highlights
- Institutional-quality boutique mixed-use offering: 148 & 150 Spring Street represent a rare opportunity to acquire two adjacent mixed-use buildings totaling approximately 14,507 square feet in the heart of SoHo, one of Manhattan's most supply-constrained and high-performing submarkets. The portfolio consists of seven commercial units & one apartment across both properties, with four units per building, offering a diversified tenancy profile across retail, showroom, office & an apartment. Floors two through four in both properties can be converted into residential apartments, providing for enhanced optionality in unit mix.
- Prime Soho location with deep tenant demand: Located in the core of SoHo, 148 & 150 Spring Street benefit from one of the most established and resilient retail corridors in New York City. The immediate area is characterized by a concentration of luxury and contemporary brands, including Chanel, Gucci, Celine, and Saint Laurent, alongside a curated mix of boutique retailers and experiential concepts. This highly desirable submarket continues to demonstrate strong tenant demand driven by limited availability, global brand presences, and consistent pedestrian traffic.
- Stable cash-flow with upside: The portfolio presents a compelling combination of durable in-place income and near-term value creation. The fully leased component at 150 Spring Street offers stable cash flow, while the vacancy at 148 Spring Street offers the ability to capture mark-to-market rents in a high-barrier-to-entry submarket.
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