The Real Deal New York

Nordstrom charity offshoot to close Soho shop

August 23, 2013 03:10PM

Treasure & Bond, a Nordstrom store opened in Soho with the aim to give 100 percent of profits to charity, is closing.

Friday is the Seattle-based retailer’s last day in business, after only two years in its 350 West Broadway location. Nordstrom picked up a long-term lease for the 11,000-square-foot space in 2010.

“We’re really proud of our efforts at Treasure & Bond, but we have yet to turn a profit,” a representative for the store told Racked NY in an email. “With our two-year lease being up at the end of this month and an increase in rent, we couldn’t justify staying in our current location. Moving didn’t pencil out either so we felt now was the right time to close.”

Treasure & Bond will move out of the space by the end of August, according to CoStar Group, cited by Crain’s. A corporate entity, reportedly dubbed 350 West Broadway Retail LLC, bought the retail condo earlier this year for $25.5 million from RFR Realty, the property’s former owner. According to CoStar, the purchaser is Jordan Cooper & Associates, Crain’s reported.

The building asked $175 per square foot on the ground floor at the time of the store’s lease sigining, and $45 per square foot on the second level. Aesop, an Australian skincare brand, inked a deal for a West Broadway space asking $600 per square foot just last year. [Racked NY] and [Crain’s]Julie Strickland