Home of 1st New York Apple Store Gets $75M Refi
- Apr 03, 2020
Centurion Realty has taken a $75 million refinancing package from Crédit Agricole for a 28,400-square-foot retail property at 103 Prince St. in SoHo, according to public records. The new loan pays down a $47.1 million mortgage taken from Safra National Bank of New York in January 2012.
The two-story, single-tenant building is home to New York’s first Apple store. When the tenant opened its space in mid-2002, it was the largest of the tech giant’s shops worldwide. The property’s location is in the heart of SoHo, two blocks from the Prince Street subway station and surrounded by high-end retailers including Louis Vuitton, Polo Ralph Lauren and Dior.
The owner had joined forces with Crown Acquisitions and Imperium Capital to acquire the 103 Prince as part of a $70.9 million portfolio deal in 2011, according to The Real Deal. The building, constructed in 1920, was previously leased to the U.S. Postal Service from 1975 to August 2000, documents recorded with the City of New York show. The property’s features include one loading dock on its frontage with Greene Street and an expansive, 15- by 72-foot skylight in the center of the roof.
The Apple Store closed its doors on March 13, due to concerns surrounding the coronavirus pandemic. One week later, Governor Cuomo issued a directive for all of the state’s nonessential businesses to shut down. As retail goes dormant across the country, landlords have begun preparing for a wave of lost rental income.