Greene Street now the “Madison Avenue of Soho”

Google's arrival at 131 Greene Street could also turn artery into tech hotspot

TRD New York /
Mar.March 10, 2014 04:25 PM

Once considered a relatively affordable alternative to main Soho retail drags like West Broadway, Spring and Prince streets, nearby Greene Street is now becoming a high-end destination in its own right.

The street’s store fronts now include Dior Homme at 133 Greene Street, Stella McCartney at 112 Greene Street and Tiffany at 97 Greene Street. The street is now the “Madison Avenue of Soho,” Faith Hope Consolo, chairwoman of Douglas Elliman’s retail group, told Crain’s.

With Google inching toward a signed lease at 131 Greene Street — a move that will see the tech giant open its first brick-and-mortar store in the U.S. — experts say the street could now also emerge as a tech hotspot.

“This could do for Cobblestone Greene Street what the Apple store did for Prince,” Richard Hodos, a CBRE broker, told Crain’s. “This is going to be an attraction that will generate excitement for Greene Street, that people will want to come and see.”

Average rental rates have doubled to more than $300 per square foot over the past two years, brokers told Crain’s. The block between Prince and Spring streets is seeing hikes in rents that are even higher. [Crain’s]Julie Strickland

Related Articles

47 Greene Street and President & CEO of Acadia Realty Trust Kenneth F. Bernstein (Credit: Google Maps)

Acadia plows ahead with $122M retail investment in Soho

WeWork leases in Soho and Flatiron could be in trouble, according to a report (Credit: iStock)

WeWork leases in Soho, Flatiron most at risk: report

From left: 47-49 Greene Street, 129 West 46th Street and 457 Broome Street (Credit: Google Maps and Meridian Investment Sales)

Here’s what the $20M-$30M NYC investment sales market looked like last week

Albert Laboz of United American Land with 430 West Broadway and 419 Broadway (Credit: Getty Images and rendering via YIMBY)

Laboz family plans 2 office developments
in Soho

Paul Manafort and 29 Howard Street (Credit: Getty Images)

Feds put Manafort’s Soho condo up for sale with $3.6M asking price

71 Greene Street with Alexander McQueen's Sarah Burton (Credit: Google Maps and Getty Images)

Alexander McQueen reveals plans for a massive new Soho location

Thor Equities takes another retail bodyblow

Thor Equities takes another retail bodyblow

Jack Dorsey’s Square might swipe space at 130 Prince Street

Jack Dorsey’s Square might swipe space at 130 Prince Street