The Real Deal New York

Gucci is coming to Soho

Space at 375 West Broadway has sat vacant since Anthropologie vacated last year
By Mark Maurer | October 27, 2017 01:35PM

Pearlmark CEO Stephen Quazzo and 63 Wooster Street (Credit: RKF)

UPDATED, 3:30 p.m., Oct. 30: Gucci is opening a Soho store in the former Anthropologie space at Pearlmark Real Estate Partners’ 375 West Broadway, The Real Deal has learned.

The luxury Italian brand signed a lease for a space with 10,700 square feet on the ground floor at the base of a five-story office-and-retail building, with the alternate address of 63 Wooster Street, sources said. The deal is for two years, with a long-term option, sources added.

Pearlmark, a Chicago-based private equity firm, acquired the 55,710-square-foot property in 2014 for $119 million, and since Anthropologie closed last year, the retail has been one of several storefronts in Soho to sit vacant.

RKF’s Beth Rosen, Jackie Totolo and Robert Cohen have been marketing the block-through space, located between Spring and Broome streets, since February. Robin Zendell of Robin Zendell LLC represented Gucci in the deal.

It is unclear if the space includes 7,050 square feet on the lower level, which RKF was also marketing.

Gucci’s other long-term retail locations in the city are at Trump Tower, which it has occupied as its flagship store since 2007, and at Brookfield Place.

Representatives for Gucci, Pearlmark and RKF did not respond to requests for comment.

The asking rent was around $400 per square foot on the ground, marketing materials show.

A recent analysis by TRD found that, of the $4 billion in retail-focused acquisitions made in Soho since 2011, retail is sitting vacant in nearly $1 billion of real estate there.

In terms of new retail lease deals inked in recent months, tenants include celebrity tattooist Bang Bang at 62 Grand Street fashion brand Grassroot at 484 Broome Street, and nail salon A6 Nails at 128 Thompson Street.