Leases  ·  Retail

Footwear Brand Schutz Takes Over Steve Madden’s Former SoHo Storefront

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Retail brands are continuing the return to SoHo with Schutz being one of the latest to set up an outpost.

The footwear retailer has signed a 10-year lease for an 8,000-square-foot flagship location with Broadway Continental Group at 540 Broadway, formerly occupied by shoe brand Steve Madden, according to landlord brokers Newmark (NMRK). Asking rent was $400 per square foot.

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Schutz opened in May in the space that has 4,500 square feet on the ground floor and 3,500 square feet on the lower level. It serves as the brand’s second New York City location.

“This transaction, like many others, is indicative of the continued growth and momentum of SoHo’s retail landscape in the post-pandemic environment — something we are most pleased with,” Newmark’s Ariel Schuster, who represented the landlord alongside Andrew Connolly, said in a statement.

Nicholas Judson of Judson CRE represented Schutz in the transaction.

“We were able to work with Schutz ownership, Alexandre Birman, who had a vision to establish a SoHo store as an important step in illustrating the company’s latest evolution in the U.S. market,” Judson said in a statement.

SoHo, the Flatiron District and Madison Avenue have been some of the fastest retail corridors to recover from the pandemic, Schuster also told Commercial Observer last week, stating that the game of bringing businesses back was already in the “seventh inning.”

The building’s location between Spring and Prince streets is near storefronts of retailers such as Swarovski, Uniqlo, Nike, Skechers, Aritzia and Converse.

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