The Real Deal New York

Theory close to deal for new store on Soho’s Greene Street

Clothing brand vacating digs at 151 Spring after 10 years

August 12, 2016 07:00AM
By Mark Maurer Twitter_logo_blue copy

Theory

From left: Theory at 151 Spring Street and the building at 47-49 Greene Street in Soho

Theory, the popular clothing brand led by Andrew Rosen, is close to inking a deal for a new Soho store at EMP Capital Group’s 47-49 Greene Street, sources told The Real Deal.

The store would occupy either half or all of the 4,300-square-foot ground floor at the six-story, 24,000-square-foot property. The total retail space at the building runs about 7,400 square feet, split evenly into two spaces.

The terms of the deal are still being negotiated, but a lease is expected to be signed by the end of this month, sources said. Asking rent would reportedly be north of $200 per square foot.

Theory currently has two separate shops in Soho – for women’s clothing at Hakim Organization’s 151 Spring Street and men’s clothing at 155 Spring Street. The 10-year lease for the women’s store expires at the end of this month. The men’s store, which just opened in March, appears to be soon leaving, as per the vacancy posted on landlord Vornado Realty Trust’s website.

Last year, Elie Pariente’s EMP Capital paid $31 million for the Greene Street building.

Then, in May, Pariente filed plans to do interior renovations including “partition work for new Theory store,” documents show.

An RKF TRData LogoTINY team led by Ike Bibi, Thomas Cholnoky and Ariel Schuster is representing the landlord.

Pariente and the brokers declined to comment. A spokesperson for Theory said a new Soho space has yet to be secured.

Theory’s other locations in the city include 1157 Madison Avenue on the Upper East Side; 230 Columbus Avenue on the Upper West Side; Brookfield Place in the Financial District; 137 Fifth Avenue in the Flatiron District; and 38-40 Gansevoort Street in the Meatpacking District, where it also has its corporate office headquarters.

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