Ferrari Drives Into New SoHo Offices
By Rebecca Baird-Remba March 5, 2024 3:33 pm
reprints
Ferrari is double parking in SoHo.
The North American arm of the luxury automaker leased 7,000 square feet on the sixth floor in a long-term deal at 568 Broadway, between Prince and Houston streets, to move its headquarters from Englewood Cliffs, N.J., according to landlord Aurora Capital Associates. The office deal comes just after Ferrari leased a retail space around the corner.
An Aurora spokesperson declined to disclose asking rent or the length of the lease, but noted that asking rents for prime SoHo office space range from $75 to $125 a square foot.
Ferrari will keep its New Jersey offices but wanted a Manhattan outpost too, particularly one that would be closer to its new retail space, said Jonathan Anapol from Prime Manhattan Realty, who brokered the deal for Ferrari.
The Italian sports car company recently took 3,700 square feet nearby at 92 Prince Street, where it will sell Ferrari-branded apparel and accessories, according to Anapol. It also has a car showroom in Midtown at 410 Park Avenue.
“They really enjoy the SoHo market and the lifestyle that it represents — luxury brands, their product line, and their clients,” he said.
Jared Epstein and Jake Bank represented Aurora in-house.
“We are thrilled to have Ferrari North America Corporate join 568 Broadway in a beautiful, custom-built office suite,” Epstein said in a statement. “The space is very special and reflects the high quality of the brand. Ferrari joins an impressive roster of tech, media, and fashion tenants at the historic, iconic building.”
Japanese fashion retailer Gu recently inked a 25,000-square-foot retail lease in the building, taking over a space previously occupied by Forever 21. Aurora co-owns the property with Allied Partners, Midtown Equities, and A&H Acquisitions.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
