New York-based boutique capital markets advisory firm Adirondack Capital Partners (ACP) has closed the sale of the retail building at 120 Spring Street in SoHo. A Japanese private investor has acquired the building from 120 Spring Realty Associates LLC for $18.5 million.
Birkenstock-Leased SoHo Flagship Sells for $18.5M in All-Cash Deal
A prime high-street retail property, the 120 Spring Street building is located in the heart of SoHo.
The two-story building is fully leased to Birkenstock , the global German footwear brand, which operates its first New York City flagship store there under a long-term lease. The brand’s lease includes annual contractual rent escalations.
An ultra-high-net-worth private investor from Japan acquired the property from 120 Spring Realty Associates LLC in an all-cash transaction. Adirondack Capital Partners confirmed the sale.
ACP specializes in the sale of institutional-quality office, multifamily, industrial, land, and high-street retail assets in major gateway markets across the United States. The firm operates on an exclusive engagement basis, focusing on maximizing value for clients through targeted marketing and direct investor relationships.
Michael Hunter Coghill, Managing Partner at ACP, represented the seller, 120 Spring Realty Associates LLC, in the transaction.
“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.
He also added that this sale highlights the continued demand from international investors, “particularly from the Pacific Rim region, for prime New York City retail properties.”
Prime Location and Long-Term Investment Benefits
The 120 Spring Street building spans 2,300 square feet and is nestled between Mercer and Greene Streets. This property’s location is one of SoHo’s most established and sought-after retail corridors.
Located within the SoHo Cast Iron Historic District, the property benefits from heavy pedestrian traffic and proximity to luxury retailers and destination dining. Additionally, it offers convenient access to major transportation hubs. The long-term Birkenstock lease provides stable in-place income and added security for the new owner. The deal reflects continued interest from investors targeting New York City retail assets for long-term stability.
