Greene Street now the “Madison Avenue of Soho”

Google's arrival at 131 Greene Street could also turn artery into tech hotspot
March 10, 2014 04:25PM

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