Rita Sodi and Jody Williams are including to their West Village nook.
Three years after transferring their acclaimed Tuscan restaurant, I Sodi, to the nook of Bleecker and Grove streets within the West Village, an entity tied to Sodi paid $6.5 million to purchase the retail rental at 312-314 Bleecker Road, property data present. They purchased the area from Lorenzo Barraco, by way of Las Vegas-based entity Barracco Realty.
I Sodi had been housed at a small, ramshackle area at 105 Christopher Road from 2008 to 2023 earlier than upsizing to the area at 314 Bleecker.
It’s not clear in the event that they’re planning to increase I Sodi, or open a brand new idea with the acquisition, their first owned retail location in New York Metropolis. Representatives for the restaurant didn’t reply to a request for remark.
PincusCo first reported the deal.
Sodi and Williams, who’re married, have constructed a mini-empire throughout the blocks south of Christopher Road within the West Village.
I Sodi is correct across the nook from their all-day cafe Buvette, and simply throughout the way in which from the Aperol Spritz-haven Bar Pisellino and Italian restaurant Through Carota, which is recurrently accompanied by traces snaking down the sidewalk. The pair additionally opened the Shaker-inspired tavern Commerce Inn down the road in 2021.
Sodi and Williams are simply the newest restaurateurs to buy up prime retail space relatively than navigate the competitive leasing market. Within the third quarter, ground-floor availability fell 11 p.c throughout 16 of Manhattan’s prime retail corridors and common asking rents rose 4 p.c, based on a CBRE market report.
In September, the group behind Boucherie and Olio e Più paid $7.3 million for a 4,000-square-foot area at 87 Seventh Avenue. The group behind Friedman’s and Pastrami Queen additionally purchased an Higher West Facet retail co-op unit final month for $4.1 million to open one other location of Friedman’s.
The enchantment for eating places to personal their very own area is apparent. No worrying about dangerous landlords or lease negotiations or, within the worst case, getting booted from an area. But it surely’s solely the massive and well-capitalized restaurant teams in a position to take over their very own area, stated Colliers’ Zach Redding, who represented the sellers at 87 Seventh Avenue, together with Dylan Kane.
“You attempt to go get a reservation at any West Village spot or Soho spot — it’s not possible to get in,” Redding stated. ”They’re all doing so effectively that they’ve some extra capital.”
Market situations have additionally turned in favor of owner-operators as rates of interest have hit property values, inflicting cap charges to climb, based on Kane. “Not as many traders will pay the numbers the place somebody would really promote a constructing right this moment,” he stated. “So these operators are actually in a position to get into the actual property.”
Eating places also can get inventive with financing, utilizing present credit score traces or collateralizing in opposition to different belongings the enterprise has, he stated.
Sodi and Williams are additionally making private property strikes. After promoting their co-op at 136 Waverly Place for $3 million in 2025, they purchased a shiny, white-walled rental at 421 Hudson Road for $4 million in March, based on property data.
They’ve additionally set their eyes on different components of the town lately. They introduced a second location of Bar Pisellino, which additionally expanded its West Village footprint a couple of years in the past, will open on the base of the Flatiron Constructing subsequent 12 months. Final 12 months, additionally they introduced that they are going to be overseeing a meals and beverage revamp at The Metropolitan Museum of Artwork, together with its uptown Cloisters location.
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