78 Grand Street, a prime mixed-use loft building located between Wooster and Greene Streets in Manhattan’s SoHo Cast Iron Historic District, was sold in an all-cash transaction valued at $15,600,000.
The five-story elevator-serviced former co-op building contains approximately 11,975 square feet and sits on a 25’ x 100’ lot. It consists of a ground floor retail space and four full-floor upper lofts in excess of 2,000 square feet each. The retail tenant had a short lease term remaining and was paying a substantially below-market rent.
“At roughly $1,300 per square foot for an essentially non-stabilized building, this transaction demonstrates the continued strong demand for well-located property in SoHo," said Massey Knakal’s Paul Smadbeck, who exclusively handled this transaction with colleague Robert Burton. “When both the buyer and the seller want to get a transaction done, things progress smoothly. Both parties in this sale were very pleasant and worked together to accomplish the sale in a very timely manner,” added Burton.
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Neighborhoods: SoHo/ Agents: Robert Burton