Italian Cashmere Brand Falconeri Nabs Soho Space for First US Store
By Lauren Elkies Schram February 11, 2019 6:30 pmreprints
Falconeri, an Italian brand that is part of Calzedonia Group, is moving into the U.S. market with a store in Soho, Commercial Observer has learned.
The space spans approximately 1,850 square feet on the ground level and 1,000 square feet of non-selling space in the basement at 101 Prince Street, according to JLL’s Michael Hirschfeld, who along with Brian Hirschfeld and Amy Zhen represented the landlord, 101 Prince LLC, in the deal.
The lease is for seven years and was done at $600 per square foot, a rent that Michael Hirschfeld said is “a good indication of market right now.” He added: “It’s certainly a significant drop-off in the market in terms of rents from their peak.”
The last tenant in the space between Greene and Mercer Streets was Shinola, which paid a comparable rent to Falconeri, in its two-year lease with no options. “We have no plans to relocate that store and will continue to focus on serving our customers needs at our other brick-and-mortar locations in Tribeca and Dumbo,” a Shinola spokeswoman said.
Falconeri will get possession of the space on April 1, per Hirschfeld, with an anticipated spring opening date.
Robin Zendell and Elisa Young of Robin Zendell & Associates worked on behalf of the tenant. Zendell would only convey that Marco Galbusera, the country manager for Calzedonia USA, confirmed that Falconeri would be opening its first U.S. store in the space, and that Zendell represented the brand in the transaction.