The Real Deal New York

Versace takes retail at Alberto Makali’s 75 Greene

Moods of Norway moved out just two years into Soho lease

May 13, 2015 02:15PM
By Mark Maurer

Versace Soho

From left: 75 Greene Street in Soho, Catherine O’Toole and a 1990s Versace ad

Versace is taking the retail space at the base of designer Alberto Makali’s 75 Greene Street in Soho, The Real Deal has learned.

The luxury Italian fashion brand inked a 10-year lease for the 4,300-square-foot space at the base of the six-story building.

Makali has owned the 11,200-square-foot building, between Spring and Broome streets, since 2008, when he paid nearly $9 million, records show.

Marc Simon of Isaacs and Company represented Versace, while Katherine O’Toole and Stephen Tarter of the CBC Alliance represented Makali. Simon could not be reached for comment.

Versace also has retail locations in the city at 160 Mercer Street in Soho, as well as 647 Fifth Avenue and 3 Columbus Circle.

Retail asking rents along Greene Street range between $300 and $400 per square foot on average, sources said.

In January, Scandinavian clothier Moods of Norway moved out of the space, just two years into a 10-year lease.

“Moods of Norway decided its New York presence wasn’t working for the brand,” O’Toole told TRD. “It wasn’t supporting a brick-and-mortar store, in New York or at the Mall of America [in Minnesota].”

Office tenants at 75 Greene include marketing consulting firm Why-Q and educational services company Cengage Learning. Those leases expire in September of this year and May 2018, respectively, according to CoStar data.

Last year, Makali and Empire Capital Holdings bought a Chinatown building once home to a gambling den.