Kima Zabete will be moving to 477 Broome Street in Soho.
The fashion designer’s 12-year lease at 96 Greene Street is coming to an end and the brand will make a jump south to 477 Broome Street in an expansion effort. Kima Zabete will take a 10,000-square-foot space that is split between a 6,000-square-foot ground space and a 4,000-square-foot lower level.
“The 477 Broome Street space was vacant for several years since the Broadway Panhandler left almost six years ago and had been marketed by another broker during that time,” said David Barreto of Cast Iron Real Estate. “When we took it over we tried a different approach, cleaned it up, added lighting and leased it on short term basis to several tenants until we finally landed Kirna Zabete.”
“We had Apple (AAPL) Inc. there while they were on Greene Street during their renovation on Prince [Street] as well as Bogner, Spyder Active Sportswear, [and] Remy Martin to name a few,” added Mr. Barreto.
Mr. Barreto represented the landlord in the transaction, JC Dwight. Kima Zabete was represented by David Baker of Isaacs and Company. The asking rent on a square foot basis was not disclosed but the asking rent was listed as $700,000 per annum.
The lease itself was set for 10 years with a five-year option.
“We had offers from several furniture companies but [Kima Zabete] moved quickly to seal the deal once they saw the space and realized the value and its potential,” said Mr. Barreto. “Other than the size, it has 16 [foot] ceilings with exposed brick walls and skylights that had been covered up plus thick brick arches making the space hard to duplicate.”
“I am looking forward to their renovations and opening this spring,” he added.
