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 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)