Rivercrest Realty Investors apparently sold the property for $48.5mm, over twice the outstanding CMBS note of $23.5mm (0.78% of WBCMT 2007-C32). The property has retail at street level and offices upstairs. The DSCR for 1Q 2013 was 1.07 with 85% occupancy. It is not clear if the loan is to be assumed or defeased, but it is in defeasance for the next 45 months.
I suppose this shouldn't be too much of a surprise. SoHo's average retail rents were up substantially during the first quarter with average rents of $850 just 1 block north of this location on Prince Street. And, $850 is old news. In February Prada paid $1,000 psf for the 100 Prince Street 10,000sf store, and at 120 Prince Street, asking rents are purportedly going up to $1,200 psf by end of the year.