Crown Signs 49-Year Lease for Soho Landmark
New York-based real estate firm Crown Acquisitions has signed a 49-year lease to operate the 19th century International Olive Building at 453 Broome Street.
First reported by the New York Post, the property is comprised of 25,000 square feet on the southwest corner of Mercer Street in Soho. The broker in the deal was Michael Glanzberg of Sinvin Real Estate.
Mr. Glanzberg was not immediately available for comment.
A spokeswoman for Crown Acquisitions said she could not provide the asking price.
Crown has also now leased out the ground-floor retail area, which is approximately 4,500 square feet, to French luxury brand Zadig & Voltaire. This new store location will be the brand’s fifth in New York City. The retailer signed a 15-year lease and is expected to move in next year. The Real Deal reported that Gourmet Garage previously occupied the space.
According to Streeteasy.com, the property was originally known as the Hitchcock Silk Building. Construction on the cast-iron loft building was finished in 1873.
A spokeswoman for Crown Acquisitions said the firm will work on exterior restorations to the building and gut renovations of the retail space on the ground floor. The company also has a stake in the retail condo at the St. Regis Hotel and the Old Navy space in Herald Square.