Three Soho storefronts have changed hands.
The David Rubenstein-backed Declaration Partners and Hilltop Real Estate have inked a deal for the master lease at three Soho storefronts. The firms will control 113-121 Prince Street for 25 years in exchange for a little over $50 million, according to city records. The lease also gives the option to extend to 2091.
It’s the latest retail deal in Soho, where asking rents have picked up. The neighborhood is now the most expensive retail corridor south of Times Square, according to a 2025 report from the Real Estate Board of New York.
“There’s no availability in Soho right now and there’s still a ton of tenants who want to be there,” said Jeffrey Kohn, founder of Hilltop.
Asking rents on Broadway between Houston and Broome are still significantly less than they were at their peak in 2015. But at a median of $604 per square foot, they’ve basically doubled from their pandemic lows in 2021. Asking rents on that strip rose more than 26 percent between 2024 and 2025, according to REBNY. (The storefronts on Prince Street are about two blocks west of Broadway.)
That’s not the same for every neighborhood. Herald Square, for instance, has not seen the same level of retailer interest. Median asking rents on West 34th Street between Fifth and Seventh Avenues are only $447 per square foot.
Soho has stood out in part for its visuals, Kohn said. Last year, apparel brand Ralph Lauren paid $132 million to buy its retail condo next door to the new acquisition, at 109 Prince Street.
The storefronts at 113-121 Prince are currently leased to clothiers Ba&sh, Sandro and Farm Rio. The units comprise about 8,250 square feet on the ground floor and 7,000 square feet of basement.
“It’s been a fantastic and historically designated location for over 50 years and we think it will stand the test of time for the next 50 plus,” said Todd Rich, cofounder and head of real estate at Declaration Partners.
The lessor was an affiliate of Soho Development Corp and Rocco Buonpane signed the memorandum of lease for the company. Buonpane did not respond to a request for comment by press time.