The Real Deal New York

Omari’s 433 Broadway ends drought of new-construction retail on Soho strip

Seven-story commercial building to open by spring
By Mark Maurer | January 29, 2015 03:41PM

The first available new-construction retail space on Soho’s Broadway in about a decade has hit the market, The Real Deal has learned.

Eddie Omari’s Omari Properties is seeking to land up to three tenants for the 9,100-square-foot space at his new seven-story Soho commercial building at 433 Broadway, near Howard Street. The retail space offers 6,100 square feet on the ground floor and 3,000 square feet on the lower level.

Douglas Elliman’s Greg Cohen, Nebyou “Redd” Guetaneh and Christopher Massey are marketing the space. The brokers are targeting luxury clothing, watch and tech brands in need of a flagship, Guetaneh told TRD.

The asking rent for the retail is roughly $600 per square foot, Cohen said.

The ground-floor space offers 18-foot-high floor-to-ceiling windows. The retail component includes 100 feet of Frontage On Howard Street and 75 feet on Broadway. The RKTB-designed project is located within Soho’s historic cast-iron district.

The remainder of the building is slated to be a shared office workspace, though a workspace provider has not yet been selected, Cohen said. The building is expected to be complete by the spring.

Meanwhile, Aurora Capital Associates – in partnership with Jeff Sutton, Joseph Sitt’s Thor Equities and the Adjmi family – is in the process of razing the nearby structure at 529 Broadway at Spring Street to make way for a six-story retail building designed by BKSK Architects.

Before 433 Broadway, the most recent new-construction Retail Along Broadway in Soho was Imperial Partners and Centurion Realty’s retail condo at 40 Mercer Street – also known as 463-469 Broadway. The 13-story, Jean Nouvel-designed mixed-use building, which boasts frontage on Broadway, opened in 2005.