Luxury always comes with a hefty price.
DC-based ASB Real Estate Investments has paid $93M for majority ownership of Dolce & Gabbana’s flagship store at 155 Mercer St in SoHo. Meridian Capital Group's Helen Hwang brokered the deal on behalf of Thor Equities, which owns the property and put it on the market in February.
The deal was made on behalf of ABS’s $6.2B Allegiance Fund, and forms a JV Thor. In June, it was reported that ASB was under contract to buy the building completely for $90M. A source tells Bisnow that, while Thor does remain a minority owner in the property, its stake is less than 5%.
This is the firms’ eighth retail partnership since 2012. Thor and ASB will restore the building’s facade and add new building systems, elevators, skylight windows, and a storefront with arched floor-to-ceiling windows.
Built as a firehouse in 1854, the three-story, 15k SF retail space features five feet of frontage along Mercer Street’s “Luxury Row,” which also includes Marc Jacobs, Marni, Tory Burch, Balenciaga, Prada, Versace and Vera Wang.
ASB’s NYC portfolio now includes 15 retail, office and residential properties totaling $1.1B.
