A Soho Co-op Goes Poof!

Feb. 5, 2016 — This time, a co-op’s shareholders decided to take the money and run. Two weeks after a Brooklyn Heights co-op turned down a developer’s $130 million offer to buy their commercial space and erect a 40-story condo tower, the residents of a co-op at 61-63 Crosby Street in Soho have sold their building for $42 million to L3 Capital, a Chicago-based investment firm that plans to turn the cast-iron jewel into an office building.

“The co-op owners decided to take some chips off the table and move out,” says Adelaide Polsinelli of Eastern Consolidated, who represented the buyer in the deal.

The 20,600-square-foot Crosby Street building, located between Spring and Broome Streets, was erected in 1876 and converted to a co-op in 1981, according to the Real Deal. It contained seven loft apartments and a ground-floor retail space most recently occupied by the clothier Carson Street. The building comes with 6,500 square feet of air rights.