PacSun takes retail space in SoHo for NYC debut

California brand inks deal for 503 Broadway, site of record deal in 2015

TRD NEW YORK /
Mar.March 06, 2020 09:45 AM
503 Broadway (Credit: Google Maps; Getty Images)

503 Broadway (Credit: Google Maps; Getty Images)

West Coast surf wear and lifestyle brand PacSun is making a splash in Soho.

The California-based retailer inked a short-term lease for 10,000 square feet to open a store at 503 Broadway, between Broome and Spring streets, Commercial Observer reported. The asking rent was $450 per square foot, according to JLL, which represented PacSun in the deal. Cushman and Wakefield negotiated the deal for the landlord, Vincent Fung.

The SoHo store will be the youth-oriented brand’s first in New York, save for a brief pop-up in 2013.

Galician fast-fashion brand Zara occupies the cellar, ground and second floors of the landmarked, cast-iron building. Old Navy ditched the space in 2014, and the following year, Zara purchased the retail condo for a reported $280 million, apparently setting a record in the trendy neighborhood.

But a year later, steep rents in Soho were contributing to a high vacancy rate. A quarter of stores were vacant in 2016.

That was also not a good year for PacSun, which went into bankruptcy and was purchased by Golden Gate Capital. The private equity firm merged the beachy brand with Eddie Bauer in 2018. [CO] — Georgia Kromrei


Related Articles

arrow_forward_ios
Missed loan payments will approach Great Recession highs, a new report finds (Credit: iStock, Getty Images)

Missed loan payments to approach Great Recession levels: Fitch

Equinox Executive Chairman & Managing Partner Harvey Spevak, Related Companies CEO Jeff Blau and Equinox at Hudson Yards (Credit: Spevak by Jamie McCarthy/Getty Images for Gabrielle's Angel Foundation, Blau by Craig Barritt/Getty Images for Related-Oxford, Matthew Peyton/Getty Images for Equinox)

Equinox isn’t paying rent at multiple NYC locations

Catch New York at 21 9th Avenue (Credit: Catch; iStock)

Catch Hospitality Group laid off nearly 770 last month

PVH CEO Emanuel Chirico and Macy's CEO Jeffrey Gennette (Chirico by Lars Ronbog/Getty Images for Copenhagen Fashion Summit; Gennette by Mireya Acierto/WireImage)

Nation’s biggest department stores could run out of funds in a month: Goldman Sachs

Dean & Deluca CEO Sorapoj Techakraisri and Midtown Equities founder Joseph Cayre (Credit: Craig Barritt/Getty Images, Facebook, iStock)

In Chapter 11 filing, Dean & DeLuca reveals it owes Midtown Equities $22M

Urban Outfitters CEO Richard A. Hayne and Ralph Lauren store CEO Patrice Louvet (Credit: Getty Images)

More major retailers furlough employees, withhold rent

Macy’s in Herald Square and CEO Jeff Gennette (Credit: Google Maps, D Dipasupil/FilmMagic)

Macy’s announces furloughs for “majority” of its workers

(Credit: iStock)

NY restaurants, hotels warn of mass layoffs as US sees record jobless claims

arrow_forward_ios
Loading...