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New York

Soho retail lease beats price record for downtown

From left: Soho retail and Peter Brant
From left: Soho retail and Peter Brant

A retail rent in Soho has topped $1,000 per square foot, a new benchmark for Downtown, Crain’s reported.

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Prada set the record when it renewed its lease at Broadway and Spring Street, the 10,000-square-foot space owned by billionaire Peter Brant, Crain’s said.

“Tenants want an alternative to the uptown market,” real estate investor Joseph Sitt, who owns SoHo properties, told Crain’s. “There is no good brand that comes to New York City from anywhere in the world that now thinks they can be in only one or the other.” [Crain’s] –Guelda Voien

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Retail Real EstateSoho