Why Is Hearst Buying Across The Street?

O, Soho! Squat Building Could Nab Over $20 M.

Everyone is buying up Soho now: A building at 600 Broadway is in contract for a landmark $1,000 per square foot, and 530 Broadway just went to contract.

Here comes the latest Soho prize that’s up for sale: a 35,000-square-foot oblong office building at 167-177 Lafayette Street, at the corner of Grand Street, which is teeming with retail opportunities.

Ron Solarz, a broker at Eastern Consolidated, which is marketing the building, said that if a buyer is aggressive enough, he can have the entire building— retail and office—vacated in less than two years.

“Someone will get their arms around this, and they will vacate the entire property and renovate the entire property, and they’ll lease all the retail to those chic, hot fashion stores,” said Mr. Solarz.

Is the area that cool?

“I love it,” he said. “Love the location. It’s a very cool neighborhood: very cool little shops, a lot of condos in the area—it’s a really great neighborhood. A lot of good things are gonna be in the area.”

In addition to Mr. Solarz, phone calls can be placed to Eric Anton, Sam Schneider, Danny Glaser or financial guru Jared Toothman, all of Eastern Consolidated.

Prospective buyers, expect prices for 167-177 Lafayette to exceed $20 million.

Why Is Hearst Buying Across The Street?