Sport apparel retailer Foot Locker is slipping on a shiny new pair of kicks and shuffling down to Thor Equities’ 440 Broadway from 541 Broadway, Real Estate Weekly reported. The store signed a 9,000-square-foot net lease for two above-ground levels and a lower level.
ABS Partners Real Estate represented the tenant in the deal. The terms of the lease were not available. The building is located between Howard and Grand streets.
“Soho is one of the most prestigious shopping districts in the world, and we are seeing top-tier retailers compete for their dream spaces up and down lower Broadway — and 440 is making the best of the best,” said Thor CEO Joe Sitt in a statement. “Foot Locker is an ideal match.”
The reason for such activity on this stretch of Broadway has to do with pricing, according to Mark Tergesen of ABS’ retail leasing team.
“The rising rents and high demand for retail space on Broadway north of Broome has resulted in increased activity further south on Broadway towards Canal Street,” he said in a statement. [REW] —Zachary Kussin