The Flaggs wish to flip their New York retail property.
Lower than two years after Flagg Household Capital, the agency owned by the household of star residential dealer and “Million Greenback Itemizing Los Angeles” star Josh Flagg, purchased three floors of retail space in Soho, the property is again in the marketplace.
Public information from the final time the retail properties at 170 Mercer Road traded to entities tied to builders Andrew Aryeh and David Elbaz in two separate transactions totaling $4 million. Flagg declined to verify a purchase order value, however stated it “was an particularly thrilling acquisition for us alongside our companions,” Aryeh and Elbaz.
The acquisition included the constructing’s first and second flooring, together with the basement.
Flagg Household Capital is asking just below $12 million for the renovated area, in keeping with an inventory from Avison Younger’s Brandon Polakoff. The renovation included eradicating the third flooring to create a two-story retail area with 24-foot ceilings and uncovered pink brick.
Surrounded by upscale style manufacturers like Tory Burch, Alaia and Prada, the area additionally comes with its personal designer tenant, style home Magda Butrym, which has leased 100% of the area below a 10-year lease. Lease will start on Aug. 1, 2026, and has built-in 3 p.c annual escalations. The lease additionally leaves the tenant 100% accountable for tax will increase beginning subsequent 12 months, utilities and non-structural repairs.
The retail unit contains 25 ft of frontage alongside Mercer Road between Prince and West Houston streets, within the decrease flooring of a five-story luxurious residential loft constructing.
“We stay extraordinarily bullish on Manhattan industrial actual property total,” Flagg stated, including that the agency is below contract for 3 different properties within the metropolis.
Flagg, a dealer with Compass, stated the sale would signify the actualization of his vision for the company after he took over enterprise operations in 2023. Flagg stated he was trying to develop the agency’s funding in high-end areas.
“We’re altering issues up from our earlier enterprise mannequin,” Flagg advised The Actual Deal across the time of the acquisition. “I’m specializing in prime places: Palm Seaside, Miami, downtown New York … as an alternative of purchasing facilities and workplace buildings, which is what we’ve historically carried out.”
In 2023, the dealer purchased a $4.3 million property at 4727 North Bay Road in Miami with enterprise companions Adam Rubin and Andrew Shanfeld of Los Angeles-based Carolwood LP with plans to renovate and promote the property. The house, which is asking $10 million, has come on and off the market since late 2025, in keeping with Zillow.
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