The Real Deal New York

Ciao! Fendi in talks for new Soho flagship at 99 Greene

Italian luxury brand has had multiple pop-up shops on the street
By Mark Maurer | September 22, 2016 05:30PM

93-99 Greene Street, Karl Lagerfeld and Fendi's flagship store at 598 Madison Avenue (credit: Jenel)

From left: 93-99 Greene Street, Karl Lagerfeld and Fendi’s Midtown store at 598 Madison Avenue (credit: Jenel Management)

Fendi is negotiating a long-term lease for its new Soho flagship on Greene Street after a period of jumping from pop-up to pop-up, sources told The Real Deal.

The Karl Lagerfeld-helmed Italian luxury fashion brand would occupy 6,000 square feet at the base of a six-story condominium building 99 Greene Street, between Prince and Spring streets.

Developers Jason and Julia Carter converted the building to condos in 1985 and continue to own the retail component. They declined to comment, while a spokesperson for Fendi could not be reached.

The property is one of three attached cast-iron buildings developed by the Carters, collectively spanning 46,050 square feet. They were designed by noted architect Henry Fernbach in 1881 and now hold a total of 29 apartments.

The building offers 2,700 square feet of retail on the ground floor, and 3,300 square feet on the lower level.

Average asking rent on that stretch of Greene Street is $500 per square foot, according to CBRE data. The length of the potential lease term was not immediately clear.

In January, Fendi closed its pop-up store at 122 Greene Street, which is now part of Louis Vuitton’s expanded space across three contiguous storefronts at 114-122 Greene Street. Fendi has since relocated to another pop-up spot, at SL Green Realty’s 104-110 Greene Street.

Fendi also has a store in Midtown East, at 598 Madison Avenue, near East 57th Street.

Nearby retailers include Dior at 105 and 133 Greene, Jimmy Choo at 111 Greene, and Stella McCartney at 112 Greene.

Andrew Rosen’s clothing brand Theory is close to signing a lease for a new store at 47-49 Greene Street, where the asking rent is said to be north of $200 per square foot.