The supermarket giant will occupy the entire ground-floor space of the property between Varick Street and Avenue of the Americas, which is one of two buildings collectively called One Soho Square. Trader Joe’s and the landlord declined to release the terms of the deal.
“We spend an incredible amount of time finding the right retailers for our projects and having Trader Joe’s join the growing One Soho Square family is a major win for the neighborhood,” Ryan Jackson of Stellar Management, said in prepared remarks. “The new grocer is a much-desired amenity for our tenants, area workers and residents of Soho and Hudson Square.”
David LaPierre and Kristen Crossman of CBRE represented the landlord, and RKF handled the deal for Trader Joe’s. It was not immediately clear which brokers from RKF worked on the transaction, and a spokeswoman for the company did not return a request for comment.
“This area needed a quality grocery store for its growing residential population and increased number of area workers,” Moran, who has since moved from CBRE to Cushman & Wakefield, said in a statement. “Once we showed Trader Joe’s the space and the area’s high foot traffic, they felt this would be a perfect fit for their latest lower Manhattan location.”
The store is expected to open this year, as is a previously announced Trader Joe’s at 670 Columbus Avenue between West 92nd and West 93rd Streets. Meanwhile, Trader Joe’s signed a 30,000-square-foot lease for an outlet at Essex Crossing, as Commercial Observer previously reported last year.
Patch.com first reported news of the new location, but details were scant at the time.