Category Archives: Soho

Soho residential listings selling at 15% discount according to report

According to a recent report, the residential listings in Soho are experiencing price cuts of approximately 10% and usually are chopped another 5% after that. The market like many neighborhoods in Manhattan is a buyer’s market. Seller’s expectations are coming down but as this is happening in Soho, the sellers do not have to sell so the market is at an impasse.

The below table shows the number of active listings by bedroom count in Soho.

# Bedrooms Active Low Price High Price
1 36 $580,000 $11,000,000
2 58 $630,000 $12,250,000
3 + 80 $1,995,000 $40,500,000

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Trader Joe’s Upper West announces opening date

The Upper West Side Trader Joe’s, located between 92nd and 93rd street on Columbus avenue will be opening on May 4th at 10am according to NBC.

A Soho Trader Joe’s is not far behind as they recently held a job fair for the store on Spring street.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

 

Should NYC landlords be fined for leaving their stores empty?

Amid a 27% vacancy rate on Amsterdam avenue on Manhattan’s Upper west side and a 20% vacancy rate in Soho, Mayor Bill DeBlasio is considering a vacancy tax or fine for Manhattan landlords that leave their stores vacant. The idea is in the planning stages without a concrete plan as to how it would work. Retail has been struggling due to the brick and mortar sales declining as internet sales have risen in the last several years.

NYP coverage

Google abandons idea of Soho retail store

After spending $6 million to renovate the Soho space at 131 Greene street, they put it on the sublease market asking $2.25 million per year. This was supposed to be the first of Google’s retail locations and to compete with Apple which has a well established network of stores. Just one week ago, Microsoft opened their first New York City store on Fifth avenue just 6 blocks from the Apple store.

Crain’s article