Leases  ·  Retail

Ferrari Speeding Into SoHo With 4K-SK Lease at 92 Prince Street

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Ferrari is coming to a screeching halt in SoHo after signing a 3,700-square-foot lease.

The luxury sports car company signed a deal for retail space formerly occupied by Nespresso at Marx Realty’s 92 Prince Street, the New York Post reported.

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It’s unclear what Ferrari plans to do with the space in the two-story building at the intersection of Mercer and Prince streets. The names of the brokers, the length of the lease and asking rent were not disclosed.

Spokespeople for Marx and Ferrari did not immediately respond to requests for comment.

The average asking rent on Prince Street between Broadway and West Broadway was $1,060 per square foot in the fourth quarter of 2023, according to CBRE.

This won’t be Ferrari’s first spin in the city. Ferrari also operates a showroom at 410 Park Avenue. Whether that space will continue to operate was not made clear.

And Marx Realty has become car enthusiasts lately. In September 2022, Marx shelled out to buy a $100,000 electric Porsche Taycan as a shuttle car for tenants at 10 Grand Central as an office amenity with aims of boosting leasing and occupancy in the Midtown building.

The landlord has also been working to include its tenants in the branding of its office buildings, such as its deal with French glassmaker Baccarat, which signed a 10,138-square-foot lease at the top of 545 Madison Avenue in December to rename the building after Baccarat.

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