Tishman Speyer In Contract to Sell 148 Lafayette for About $135M
The city record on block 233 holds a full basis reset, plus a Blackstone loan that changed hands fourteen months before the building did.
- Source Briefing
- Public record
- Also reported by The Real Deal
Tishman Speyer is in contract to sell 148 Lafayette Street, a 13-story Soho office building, to Shorenstein for about $135 million, The Real Deal reported Tuesday. Nothing has closed. No deed or transfer tax return appears on the lot. Tishman’s own purchase is recorded, a deed dated May 28, 2025 for $105,500,000.
Why it matters
One address carries a full basis reset. ACRIS shows Epic Lafayette LLC paid $126,500,000 for the building in a deed recorded May 25, 2012, buying from two entities tied to the Louis Dreyfus family office. Thirteen years later it traded to a Tishman Speyer entity for 17 percent less in nominal dollars. What moved value after that reset was signed leasing, not the market. Tishman expanded General Catalyst, its largest tenant at 42,535 square feet, and re-leased two vacant floors to the AI firm Graphite. If you are underwriting Class B Manhattan office right now, the recovery is being paid for one lease at a time, not by cap rate compression, and the buyer here is paying for work already done.
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The numbers
PLUTO lists the property, block 233 lot 26, at 129,135 gross square feet, 118,374 of it office, last altered in 2017. On that denominator, $105.5 million is $817 per square foot and about $135 million is roughly $1,045, a 28 percent move in a little over 15 months. Sources disagree on the area: Commercial Observer used 150,000 square feet in May 2025, The Real Deal 153,000 this week. At 153,000 feet the same prices are $690 and $882. The city assesses the property at $40,845,150.
The debt is the part nobody reported. American General Life Insurance, an AIG company, assigned its mortgage to BREDS V US Investments L.L.C., a Blackstone Real Estate Debt Strategies entity, on a document dated March 21, 2024, fourteen months before Epic sold. At closing that paper went to Parlex 1 Finance, LLC of Blackstone Mortgage Trust, consolidated at $56,000,000 and paired with a new $12,340,000 mortgage, $68,340,000 in all. In October 2025 it moved into BXMT 2025-FL5, Ltd.
What’s next
A contract is not a closing. Watch block 233, lot 26 for a deed and an RPTT filing, the first moment $135 million becomes a number rather than a report. Blackstone’s loan sits inside a securitization, so a payoff is the second confirmation. We could not verify the $21.7 million judgment or scheduled July auction circulating with this building, and no lis pendens appears on the lot, so both are left out. More in the New York market, and on the same seller in our Mountain View sale to Spear Street.
Quick answers
- What is the latest on 148 Lafayette Street?
- Tishman Speyer is in contract, not closed, to sell its Soho office building for about $135M, 15 months after paying $105.5M on the recorded deed.
- Who is developing 148 Lafayette Street?
- Shorenstein, Blackstone and Epic, according to The Real Deal.
- What are the key numbers for 148 Lafayette Street?
- Recorded 2025 deed price: $105.5M; Tishman basis, 129,135 gross sf: $817/sf; At the reported $135M contract: ~$1,045/sf; Epic's 2012 deed price: $126.5M.
On the record
We pulled the ACRIS chain on BBL 1-233-26 and found Blackstone on both sides of the debt: American General Life Insurance, an AIG company, assigned the existing mortgage to BREDS V US Investments L.L.C. on a document dated March 21, 2024, fourteen months before Epic sold. At the May 2025 closing that paper was assigned to Parlex 1 Finance, LLC of Blackstone Mortgage Trust, consolidated at $56,000,000 and paired with a new $12,340,000 mortgage, $68,340,000 in all. In October 2025 the loan moved into BXMT 2025-FL5, Ltd. No outlet reported the pre-sale loan transfer.
Public record · data.cityofnewyork.us
Primary record
- Our dataUsing the city's own PLUTO area of 129,135 gross square feet, $105.5M is $817 per square foot and about $135M is roughly $1,045 per square foot. Marketing figures of 150,000 and 153,000 square feet produce $690 and $882. No outlet published a price per foot on either denominator.View the record on data.cityofnewyork.us
- Our coverageThis is our fourth Tishman Speyer story in six weeks, after the 6 Grand Central listing, the Mountain View sale to Spear Street, and the Hudson Yards abatement request. The pattern is one firm selling stabilized assets while asking for public help on new construction.
- NYC ACRIS (Real Property Master)Deed 2025053000867001, $105,500,000, dated 2025-05-28; Deed 2012051500461001, $126,500,000, recorded 2012-05-25
Also reported by
- The Real DealTishman Speyer Selling 148 Lafayette Street To Shorenstein
- Commercial ObserverTishman Speyer Buys 148 Lafayette for $106M
- Commercial ObserverTishman Speyer Under Contract to Buy SoHo Office Building for $108M