Bonobos, an e-commerce men’s apparel brand, has signed a 1,500-square foot lease at 35 Crosby Street in Soho, it was announced today.
“This is a great location with many original details and a lot of character,” said Justin Fantasia, associate at RKF, who represented the tenant, in a prepared statement. “Bonobos will garner plenty of foot traffic while maintaining a destination feel off of the hustle and bustle of tourist-heavy Broadway.”
National retailers are pushing north from 72nd Street on the Upper East Side, chasing changing demographics and searching for value, according to several brokers active in the market. Both 86th Street between Third and Lexington Avenues and Madison Avenue north of 72nd Street have seen strong activity and booming lease prices.
“I did deals up there 10 or 15 years ago and was hard-pressed to push $110 to $120 per square foot,” said Patrick Breslin, executive vice president of global retail at Studley. “Today, if you can find good real estate on Lex on 82nd to 85th, you’re looking at $400, $500, $600 per square foot.”
Here comes the Lovely Bridal Shop after signing a 10-year lease at 182 Duane Street in TriBeCa.
The 2,500-square foot ground floor space, between Hudson and Greenwich Streets, features an additional 2,000-square-foot lower level. A small backyard patio sits behind the all-glass doors that line the rear of the lower space, giving the shop a tucked-away, oasis-like feel that the owners sought, brokers involved with the deal said.
“This space just blew them away,” said Ross Kaplan, with Newmark Grubb Knight Frank, who represented the tenant with Kate Cohen. “When they walked in the door they fell in love. It was just what they were looking for because it’s got a great feel to it, very clean-looking, with great ceiling heights.”
Retailer J.Crew is expanding its Manhattan corporate offices at 770 Broadway sources say.
Three floors are available at the 1.1 million-square-foot office tower and J.Crew will take one of them in the deal, a roughly 80,000-square-foot space.
Last summer, the company renewed its roughly 300,000 square feet in the building, which is owned by the real estate investment trust Vornado.
J Crew, the popular purveyors of all things preppy, are reportedly interested in taking a 35,000-square-foot retail space at 247 Bedford Avenue.
The Bedford Avenue building that is situated between North 3rd and North 4th streets is part of “the Bedford portfolio” that sold for $66 million and is expected to be developed into 55,000 square feet of retail space, according to The Real Deal.
Lee & Associates NYC are marketing the space and will be up for leasing in the next year. A partnership made up by Red Sky Capital and others bought the “Bedford portfolio” from The Backer Group in April.
Patrick Smith is an executive vice president and principal of the retail real estate services firm SRS Real Estate Partners, which was spun off from Staubach when that company was acquired by Jones Lang LaSalle. Mr. Smith is a busy leasing dealmaker not only in the city but nationally and represents a host of large retailers that have been active in the market both here and around the country, including Dick’s Sporting Goods, Party City and Disney. With ICSC, the biggest retail event of the year, only weeks away, Mr. Smith weighed in on the state of the retail market with The Commercial Observer and discussed what he has planned for this year’s conference in Las Vegas.