One of the newest Downtown developments is officially looking for a buyer barely a year after opening their doors, as Manhattan Building Company is looking to offload their ambitious Soho Lofts development.
The two-tower complex, which opened in late 2017, contains a total of 377 units with a mixed variety of apartments and a few select private townhomes. Situated in a rapidly changing neighborhood near the Hoboken border, the development also features 17,000 square feet of ground-floor retail space.
The developer of the property, which sports an industrial look, has tapped brokers with New York-based HFF to sell the property. Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato, and Mark Mahasky are leading the marketing team, while Thomas Didio and Matthew Pizzolato are overseeing the financing effort. HFF says the current owners are finalizing the lease up of the building and claim that market experts project that Soho Lofts could sell for around $265 million.
Soho Lofts features condo-style finishes in their units, but it’s the amenities at the complex that stand out. Their 15,000-square-foot resort-style Soho Summer House debuted earlier this year and includes an Infinity edge pool with aqua jets, private poolside cabanas, individual daybeds, cooling outdoor showers, and children’s misting system. Other common features at the property include a sauna, outdoor and indoor theaters, a game room, and conference rooms.
Marketing materials from the brokerage team note that the complex has recorded leasing 45 units per month, and there is an opportunity to benefit from substantial rental increases from first generation leases. “Recent second-generation leases are achieving an average rental increase of 8.32 percent,” the firm notes, demonstrating the property’s ability to capture considerable rent growth.
Manhattan Building Company was also the builder behind two phases of the Cast Iron Lofts just a block away from the Soho Lofts project. While they are the only new developments in the neighborhood that are currently completed, a slew of new housing is coming soon; The Enclave is currently under construction and approvals have been granted for separate projects at 100 Hoboken Avenue, 305 Coles Street, a mysterious 18th Street project from LeFrak, and the recently green-lit redevelopment of the Emerson Radio Factory.