Chinese Fashion Retailer Urban Revivo Opening First U.S. Outpost at 515 Broadway
By Mark Hallum October 28, 2024 11:49 am
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China-based apparel brand Urban Revivo, considered “Asia’s answer to Zara,” is opening its first U.S. store in SoHo, Commercial Observer has learned.
Urban Revivo signed a deal for 30,000 square feet at 515 Broadway, owned by an LLC tied to Alegria Abergel, which will be its first stateside outpost since the brand was founded in 2006, according to tenant brokers Ripco Real Estate and Savills.
The length of the lease and the asking rent were not disclosed by the brokers, but the average retail asking rent for spots on Broadway between Houston and Broome streets was $679 per square foot in the third quarter, according to a report from CBRE.
“This marks the beginning of an exciting international expansion for Urban Revivo,” Savills U.K.’s Sam Foyle, who represented the tenant alongside Ripco’s Gene Spiegelman, said in a statement. “SoHo offers the perfect retail environment for Urban Revivo. Its eclectic mix of luxury and contemporary retail brands, along with vibrant restaurants, aligns perfectly with the Urban Revivo target audience.”
Paul Popkin of Lee & Associates NYC negotiated on behalf of landlord. The building sits on Broadway between Spring and Broome streets.
“This is an important deal for SoHo and the overall retail community, and it’s great to see the continued growth of one of the best corridors in SoHo,” Popkin said in a statement.
Urban Revivo currently has more than 400 stores in China, along with outposts in Singapore, Thailand and the Philippines, and is currently weighing going public on the Hong Kong stock exchange to raise $100 million, Bloomberg reported. It’s also planning on more expansions in the West eyeing spots “across North America, Europe and the U.K.,” Foyle said.
Update: The original version of this story stated that GFP Real Estate owns the property, but records show that is tied to Alegria Abergel through a shell corporation.
Mark Hallum can be reached at mhallum@commercialobserver.com.
