Japanese retailer Uniqlo has sewed up a deal to buy its New York City flagship.
The popular clothing brand reportedly paid AB & Sons — the firm led by Isaac, Eli and Abraham Chetrit — between $160 million and $200 million for the five-story, 95,500-square-foot property at 546 Broadway, sources tell The Real Deal.
Read more
Commercial
New York
Uniqlo to close 34th Street store
New York
Uniqlo re-ups for 53K square feet at Soho flagship
The property has been in the Chetrit family since 1981, property records show. Uniqlo opened its first New York City store in the building in 2006, taking up 53,000 square feet over three levels.
In 2016, AB & Sons secured a $125 million refinancing from Wells Fargo on the property.
In addition to retail, the building contains 15 residential rentals and four office spaces.
Uniqlo has since opened and subsequently closed other locations in the city. In December, TRD reported that the company indicated in public filings that it would lay off 136 employees at 31 West 34th Street and close its store there.
Isaac Chetrit is the cousin of Chetrit Group founder Joseph Chetrit. Over the years, Isaac has acquired dozens of commercial properties, many in the Garment District. Isaac runs AB & Sons alongside his son Abraham and his brother Eli.
Neither Isaac Chetrit nor Uniqlo responded to requests for comment.