The Italian fashion brand Brandy Melville has signed a four-year sublease at 499 Broadway. The 8,000 square-foot space lies in the heart of one of Manhattan’s most sought-after shopping corridors.
“It’s a phenomenal space with lots of foot traffic,” said Alan Napack, a senior director of retail services for Cushman & Wakefield, who represented the sublessee. “This bigger space will be great for them,” said Mr. Napack, who pointed out that Brandy Melville’s new storefront will be “about 50 percent” larger than their previous digs at 518 Broadway.
With the long-awaited Barclays Center open and new residential and mixed-use development projects popping up across Downtown Brooklyn, a retail conundrum is growing along the 17-block Fulton Mall.
The national and in some cases high-end retailers moving onto the strip paint a stark contrast to the long list of mom-and-pops, local discounters and jewelry shops that once almost exclusively lined the street.
As Soho continues its 20-year transformation from bohemian enclave to luxury retail bazaar, brands like Apple and Uniqlo have added to the neighborhood’s near impenetrable aura of luxury and glitz by converting old spaces into fashionable shopping destinations.
But simply boasting a Soho address isn’t always enough for some retailers.To M.A.C. Cosmetics, which operated a storefront on 113 Spring Street for more than 15 years, foot traffic appeared enviously higher throughout the nearby Broadway corridor.
“They were definitely leaving some money on the table by not having all the footfall that Broadway provides,” said Robert Cohen, 39, a Robert K. Futterman & Associates retail broker who represented M.A.C. Cosmetics in its move earlier this year to Broadway.