AV Management, a private New York based investment firm, completed the acquisition of 73-75 Sullivan St. in SoHo from a longtime SoHo developer for $43,333,000. Cushman & Wakefield’s Dylan Walsh and Nico Nicolaou represented the seller. Citizens Private Bank provided $21.6 million in competitive acquisition financing under significant time constraints.

73-75 Sullivan St. was completed in 2016 as a ground-up construction project. It features expansive layouts, modern construction vintage and long-term commercial tenancy, according to AV Management.

“This special situation transaction represents the robust opportunity set to purchase investment-grade assets at historically high yields by taking advantage of early-cycle market dynamics,” said AV Principal Ahcene Ouldsaada. “73-75 Sullivan St. capitalizes on the dislocation caused by the 2022’s historically unprecedented hike in domestic base rates. The asset was acquired at an opportunistic basis and will be held long-term as a permanent income vehicle with an option for attractive liquidity as markets normalize.”

Calvin Klein plans to open a flagship store at SHVO’s 530 Broadway in SoHo, parent company PVH Corp. said on its third-quarter earnings call. PVH CEO Stefan Larsson on the call called SoHo “one of the best brand-building and foot traffic locations in the world.” The new store is expected to open by the end of 2025.

The 7,294-square-foot retail store is part of Calvin Klein’s plan to open flagship locations worldwide, highlighting the ongoing return of brick-and-mortar retail. Data from research firm Forrester suggest that 72% of total U.S. retail sales will occur in brick-and-mortar stores into 2028.

530 Broadway comprises what were originally three adjacent structures on the corner of Broadway and Spring Street. SHVO acquired the early-20th century complex in 2020 and spearheaded its mixed-use redevelopment, bringing in architecture firm Snarkitecture to complete its first office project.

Marcus & Millichap closed the sale of a retail condominium at One Vandam, located at 180 Sixth Ave. in New York’s SoHo neighborhood. The property, which spans 14,072 square feet, was sold for $7.3 million. 

“New York City’s retail market continues to show resilience,” said Eric Anton. “Through our Global Capital Group efforts, we identified an international buyer from Asia for this well-located property, reflecting ongoing demand for prime retail spaces in the city.” 

Anton along with Marcus & Millichap’s Nelson Lee, Trever Gallina and Justin Natalizio marketed the property on behalf of the seller, QT SoHo Realty LLC. They also procured the buyer, a private Chinese investment group. 

The retail condo comprises four units, three of which are leased to tenants including Sui Yoga, Tribeca Soho Animal Hospital, and J’Spa. The property features 140 feet of frontage along Sixth Avenue, between the SoHo and Hudson Square neighborhoods.