$381 a Foot in Soho Deal

November 30, 2010

Couture and wine bars may have conquered Soho, but with luck you can still find a vintage treasure.

 

Benchmark Real Estate Group bought a run-down apartment building at the corner of Sullivan and Houston streets for a relative steal at $6.05 million, or $381 per square foot.

 

“The building has been mismanaged,” said Jordan Vogel, a principal at Benchmark. “They haven’t renovated or touched the building in 30 years, but it should be a premier high-end rental building.”

 

The 22-apartment building, which wasn’t widely marketed, is filled with spacious two-bedrooms.

 

The company plans to gut-renovate the place, an effort that seems worth it given that such a location doesn’t come along often, Mr. Vogel said. “We’ve been working on trying to get the deal since April,” he said, adding that the delay was due to difficulties with the sellers.

 

Much like the neighborhood, the building’s retail tenants are a mixture of old-timers and high-class newcomers, including a 70-year-old cheese store, a fancy hair salon and newcomer Organic Avenue, which just signed a lease.

 

Peter Vanderpool of Cignature Realty represented both the buyer and the seller.

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