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Louis Vuitton's Soho home is for sale on European securities markets

People & Companies / Latest News

United States of America

Jul 26 2017

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Konrad Putzier

The Louis Vuitton building in Soho is up for grabs. There’s just one catch: Investors can’t buy the building outright but will have to purchase shares in a Luxembourg holding company set up by the property’s Italian owners to avoid taxes.

The property includes the five-story building at 106 Prince Street and neighboring retail condos at 102 Prince Street and 114-122 Greene Street, Crain’s reported. CBRE is marketing the property through its U.S.- and London-based teams.

Louis Vuitton leased the property’s entire 11,550-square-foot retail space through 2033, which could help insulate it from Soho’s current retail vacancy epidemic.

“There’s a negative sentiment in the market, so this is a real test for retail,” CBRE’s Ned Midgley told Crain’s.

The fashion company occupies the second floor of 106 Prince as an office, while the remaining three upper floors are market-rate apartments. The owners are three unnamed Italian families.

SOURCE: The Real Deal


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