retail beat

Aldo Signs On For 6,000 s/f Downtown

Shoe retailer Aldo is taking over 6,000 square feet at 181 Broadway to open a flagship location in lower Manhattan.

The store, one of the largest shoe-sellers in the world, will occupy the building’s basement, ground and second levels.

Amira Yunis, a top retail broker who in recent months left Newmark Knight Frank to join CBRE’s retail leasing group, represented Aldo in the deal. Ray Abramcyk, a leasing broker with the services company the Lawrence Group, represented the landlord, a private family that has long owned the diminutive 17,600 square foot building.

Ms. Yunis, who has represented Aldo in a number of deals it has done for various locations in Manhattan, said that the store was drawn to the 181 Broadway because of its proximity to the Fulton Transit Hub, a new subway station that will have significant retail.

“We expect it to be highly trafficked,” Ms. Yunis said. “The area is changing. With the new Fulton Station a lot of the retail in the area is getting leased and Broadway is turning into a nice looking corridor. Aldo is a wonderful addition to the block.”

Ms. Yunis said the store, which may use all three levels in the location for sales space, will likely open in the fall. Though Aldo has bigger locations, such as it’s Manhattan flagship on 34th Street, which Ms. Yunis also leased for the company, 181 Broadway will stand among its largest locations.

“They wanted to have a store that would give them a big presence downtown,” Ms. Yunis said.

Asking rents at 181 Broadway are around $250 per square foot. Aldo is committing to the space for over 10 years.

The lease is one of the largest that Ms.Yunis has arranged since switching to CBRE late last year. Her move was widely regarded as a major addition to CBRE’s retail arm, which has heavyweight dealmakers such as Andrew Goldberg and Richard Hodos.

Follow Daniel Geiger via RSS.