Boutique downtown residential building sells for $4.5 million

The Tri-State Investment Sales group for Avison Young today announced the sale of 198 Prince Street, a 5,000-square-foot, four-unit boutique residential property in the SoHo neighborhood of Manhattan. The property, which had been under long-term ownership by an estate, sold for $4.5 million.

An Avison Young team led by Senior Director Brandon Polakoff represented the seller in the negotiations.

“The 198 Prince Street property is situated in one of New York City’s most desirable residential neighborhoods,” said Polakoff. “We quickly identified the ideal buyer for this value-add asset on behalf of our client and Avison Young was able to strike an off-market deal that was beneficial for both sides.”

Considered one of New York City’s most well-known and eclectic neighborhoods, SoHo is recognized for its upscale amenities, cultural institutions and is considered a haven for the city’s many artists and students. The neighborhood is within close proximity to several mass transit choices, including the A, C and E trains at the Spring Street station in addition to the 1, 2, 3, N and R trains as well as uptown, downtown and cross-town bus options. The property also provides easy access to the Holland Tunnel.

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.