A Manhattan retail space housing Cartier in Soho has just sold for 43.75% more than what the owner paid in 2022. An undisclosed Japanese conglomerate purchased 102 Greene Street from Aby Rosen’s RFR Holding for $46 million, equating to about $4,020 per square foot, with a capitalization rate of 4.2%.

The four-story building, dating back to 1881, was transformed by Cartier into a flagship location featuring a gallery, lounge, studios, and a rooftop garden and opened late last year. RFR had acquired the property two years ago for $31.5 million, shortly after Cartier signed its lease.

This case exemplifies how buying when the market is quiet can lead to substantial profits. The commercial real estate bottom seems to have passed, creating an opportunity for those now seeking greater market stability.

(source: therealdeal.com, picture: Jason Briscoe)