Michael Kors will be opening a new flagship store in Soho.
The purveyor of womenswear, currently operating out of 101 Prince Street in Soho, will grab 15,000 square feet at 520 Broadway for its new flagship. Coincidentally, the deal comes in light of the recent surge in popularity of their wristwatches and handbags.
“This is the third deal we’ve done with Micahel Kors in Manhattan,” said Gary Dana, an executive vice president of Douglas Elliman, in a prepared statement referring to prior deals at 792 Madison Avenue and 133 Fifth Avenue. “Michael Kors has been looking for the perfect Soho location with us for over a year.”
The three-story space–main, second, and concourse–was previously occupied by Club Monaco. The Canadian-based brand was one of two locations in Soho, their other being slightly north on Prince Street off Wooster Street. The two stores, however, saw considerably different earnings as the Broadway space received more traffic because of its location.
Asking rents along the Broadway corridor in Soho have been rapidly increasing over recent years and have reached upwards of over $500 per square foot. The current deal at 520 Broadway the asking rent listed as 4.55 million per year on CoStar. That works out to about $300 per square foot – below average on the street.
Mr. Dana was joined by his colleagues Rick Dana and Adam Kramer of the Dana Commercial Real Estate Group at Douglas Elliman in representing Michael Kors in the transaction. The landlord, a Propp Family partnership, was represented by Rodney Propp.