Waterman Interests LLC Sells 130 Prince Street for $140.5M

Waterman Interests LLC Sells 130 Prince Street for $140.5M

Waterman Interests LLC has sold 130 Prince Street in Manhattan for $140.5 million to Invesco. Waterman, along with institutional investors advised by J.P. Morgan Asset Management, acquired the property in 2007 for $112 million, and subsequently embarked on an aggressive re-leasing and capital improvement campaign to maximize the building’s full value.

“Since purchasing the asset in 2007, obviously the capital and commercial real estate markets have been through unprecedented volatility,” Philip Waterman III, Waterman Interests LLC founder and managing member, said in a statement. “To have been able to deliver exceptional returns for our investors in this transaction occurred only as a result of our team’s execution at the asset level, and I congratulate each of them for their tenacious effort through some challenging times.”

The 88,000-sq.-ft. 130 Prince Street is currently 96 percent leased, with the office space occupied by MAC Cosmetics, a division of Estee Lauder Inc. The building’s retail is leased to shoe retailer Cole Haan, a division of Nike Inc., Lacoste, True Religion Jeans, Barbour Inc., and fashion designer Monika Chiang.

130 Prince Street is located on the corner of Wooster Street, which is considered by many to be the best corner in the SoHo submarket of Manhattan. The building is two blocks from the N, R and W subway lines and three blocks from the number 6 subway line. Other notable retailers within the immediate blocks adjacent to the building on Prince Street include Apple Computer, Polo Ralph Lauren, J. Crew, Michael Kors and Louis Vuitton.

Meyer Last, Jennifer Yashar and Joshua Mermelstein of Fried Frank represented the Waterman Interests LLC partnership on the sale together with Eastdil Secured’s team of Adam Spies, Douglas Harmon and Kevin Donner.

TAGS: News Retail
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