Leases  ·  Retail

Cotton On Opening First Manhattan Location in SoHo

Bless its cotton socks!

reprints


Invesco Real Estate (IVZ) might be in high cotton with its latest tenant.

Cotton On, an Australian fashion brand, signed a 20,000-square-foot lease to open its first Manhattan location at 512 Broadway in SoHo.

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At an asking rent of $275 per square foot, the space has 7,000 square feet on the ground floor, 6,800 square feet on the lower level and another 6,100 square feet in a sublevel, The Real Deal first reported.

The building, once occupied by British fashion retailer AllSaints, was built in 1882 and also known as 56 Crosby Street. The upper floors were converted to residential condos in 2001, according to TRD.

“Broadway between Houston and Broome has been one of the most desired retail stretches in NYC the past 18 months,” KSR’s Ike Bibi, who represented the tenant alongside Carolina Aziz and David Green, said in a statement.

Cotton On currently has three locations in the city, one at Queens Center Mall at 90-15 Queens Boulevard and two in Staten Island, one in the Empire Outlets at 2655 Richmond Avenue and the Staten Island Mall at 2655 Richmond Avenue.

Newmark (NMRK)’s Ariel Schuster and Ross Berkowitz represented Invesco in the deal.

“SoHo’s Broadway corridor has seen a tremendous resurgence, and Cotton On is a great addition to the area’s vibrant retail mix,” Schuster said in a statement. “The neighborhood has come out of the pandemic stronger than ever as this transaction marks the 7th lease we’ve completed on Broadway in just the past year, totaling over 75,000 SF.”

Mark Hallum can be reached at mhallum@commercialobserver.com.