Armani Opening 10K-SF SoHo Store
By Celia Young October 26, 2022 1:57 pm
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A|X Armani Exchange is bringing style back to SoHo.
The luxury retailer inked a 9,886-square-foot, seven-year sublease with the Ralph Lauren Corporation for a two-story space at 536 Broadway, according to The Real Deal, which first reported news of the transaction. Asking rent was reportedly $300 per square foot, according to TRD.
Armani will bring its high-priced suits to 5,447 square feet on the ground floor and 4,439 square feet on the lower level of the property, returning to SoHo after leaving 568 Broadway which Hugo Boss took over in 2020, TRD reported. It was not clear when Armani’s new outpost would open, and the retailer did not immediately respond to a request for comment.
Its new SoHo location was once home to a Club Monaco outpost that Ralph Lauren shuttered last year when it sold off the brand to a private equity firm. Its closure followed building owner Michael Shvo’s attempts to evict Club Monaco for its late pandemic rent payments in 2020, though the two settled the dispute last year, according to court records.
A representative for Shvo did not immediately respond to a request for comment, but Shvo told TRD he was “delighted” to have Armani at his property.
Other tenants at his 11-story building between Prince and Spring streets include design firm Snarkitecture, sneaker seller Skechers and marketing firm Anomaly, according to Shvo’s website.
Ripco Real Estate’s Gene Spiegelman represented the sublandlord in the lease while JLL’s Robert Gibson handled it for Armani. Ralph Lauren and Spiegelman did not immediately respond to requests for comment. Gibson declined to comment.
Celia Young can be reached at cyoung@commercialobserver.com.
