In vacancy plagued Soho, another one bites the dust. Pirch, a try-before-you-buy appliance store, has shuttered its 32,000-square-foot retail space.
Pirch opened in the three-story space at General Growth Properties’ 200 Lafayette Street in May 2016. It was the California chain’s first store in New York, according to the Commercial Observer.
“Pirch has decided to restructure and operate out of their Southern California base and therefore a decision has been made to exit all non-[California] markets with immediate effect,” the sign at the shop between Broome and Spring streets reads.
Asking rent at the space was reportedly $400 per square foot on the ground floor.
“I think the Pirch concept was a great idea and a fun experience but unfortunately not too many New Yorkers were in the market for a $48,000 stove,” Eastern Consolidated broker James Famularo told the Commercial Observer.
General Growth Properties acquired the 130,000-square-foot, seven-story building in October 2013 for $149 million. [CO] – Christopher Cameron
(To view more of General Growth Properties’ New York City properties, click here)