Soho rents, once the domain of an exorbitantly exclusive few, are, well, still exorbitant and, yes, still exclusive, but perhaps slightly less so—less enough that a few new tenants are taking the plunge. Among them is Sobral, the Brazilian jeweler who just snagged a lease at 412 West Broadway.
The 10-year lease for 1,750 square feet includes 500 square feet on the ground floor, second floor and lower level, plus a 250-square-foot mezzanine.
The former tenant, another jeweler, backed out of its lease in February due to diminished business and a hefty rent of $400 a square foot, according to Crain’s.
These days, the area’s asking rents are a far cry from their former peaks, hovering around $280 a square foot. Doug Rice of Rice & Associates represented Sobral. Cushman & Wakefield’s Eric Le Goff and Sarah Mohr repped the landlord.