West Broadway booms as retail rents skyrocket

TRD New York /
Jan.January 16, 2014 03:07 PM

West Broadway, an area of Soho that lagged behind its hipper neighbors in terms of retail leases and building upgrades, is finally having its day.

Rising price tags on Mercer Street between Prince and Houston streets are partly to thank. As rents climb to around $500 per square foot on Mercer and Greene streets and over $1,000 on Prince and Spring, luxury brands are eyeing West Broadway with renewed interest.

“Retailers took notice and quickly followed the pioneers like a herd of stampeding buffalo,” Jared Epstein, Aurora Capital’s vice president of leasing and acquisitions, told the New York Post. “West Broadway has finally been its revival due to the fact that it is now the least expensive option in Soho for retailers.”

Among the recent deals are Joseph Sitt’s Thor Equities is in contract to pick up 452 West Broadway for $6 million, Yogurt shop Chobani is doubling the size of its spread at 150 Prince Street, an address that doubles as 436 West Broadway, and Town Residential has inked a deal for office space at 337 Prince Street. And No. 426 will soon be up for grabs with an asking rent of $300 per square foot, after Max Studio’s lease for the space is up in February.

“The street is a puzzle and is finally starting to take shape,” Christopher Owles of Sinvin Real Estate told the Post. [NYP]Julie Strickland


Related Articles

arrow_forward_ios
City’s new Open Storefronts program will allow shop owners to sell their wares on sidewalks (Getty)

NYC to allow store owners to sell wares on sidewalks

NYC to allow store owners to sell wares on sidewalks
(Getty)

When the music stops: Guitar Center could file for bankruptcy

When the music stops: Guitar Center could file for bankruptcy
Abandoned malls are being turned into senior housing, giving planners a chance to rethink retirement communities (iStock)

Abandoned malls get new life as senior housing

Abandoned malls get new life as senior housing
J.C. Penney CEO Jill Soltau and Aurelius Capital Management CEO Dirk Markus (Getty; Wikipedia Commons)

J.C. Penney creditors want slow down “bad faith” sale

J.C. Penney creditors want slow down “bad faith” sale
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
518 Broadway (Google Maps)

Four years vacant: Landlord offers dire outlook for Soho building

Four years vacant: Landlord offers dire outlook for Soho building
Vornado CEO Steven Roth with 1535 Broadway and 220 Central Park South (Getty, VNO, Google Maps)

Vornado sees $100M retail JV loss, $190M in 220 CPS gains

Vornado sees $100M retail JV loss, $190M in 220 CPS gains
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...