"Earlier this month, outdoor lifestyle brand REI announced that it will vacate its longtime home at Kushner Companies' Puck Building at Lafayette Street and Houston when its lease runs out at the end of 2026. And while REI hunts for a new tent in Manhattan, tenants are lining up in hopes of snagging its roughly 40,000-square-foot digs. "There will be another retailer right behind them," said Ripco's Richard Skulnik, who reps the Puck Building."
"Nearby, Crate & Barrel relocated to 811 Broadway, while its 40,217-square-foot former shop at 611 Broadway is still available through Gene Spiegelman of Ripco. "I look at these as slack in the market, not problems," said Spiegelman of the large store vacancies. "There's nothing else like these spaces. They're not dragging down the market and they're going to create new opportunities.""
"These moves come even as average asking rents in the neighborhood rise. Rents are up 16.8% this year, ranging from $1,142 per foot at 92-94 Greene St. to $114 per foot at 76 Wooster St, JLL reported. "There's a ton of tenants in the market and, for the first time in a long time, there are multiple proposals for spaces," said Patrick A. Smith of JLL."
REI will vacate the Kushner Companies' Puck Building at Lafayette Street and Houston at lease expiration at the end of 2026, leaving roughly 40,000 square feet available. Crate & Barrel relocated to 811 Broadway, leaving a 40,217-square-foot former store still on the market. Abercrombie & Fitch and Lululemon signed sizable Soho leases recently. Average asking rents in Soho have risen 16.8% this year, with a range from $1,142 to $114 per foot at specific addresses. Large-format vacancies are generating multiple proposals and renewed leasing activity, and some occupiers are buying spaces, exemplified by Ingka Investments' $213 million purchase of Nike space.
Read at New York Post
Unable to calculate read time
Collection
[
|
...
]