Brooks Brothers Returning to Financial District With 10K-SF Store
By Mark Hallum December 5, 2024 12:25 pm
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Brooks Brothers is swaggering back into the Financial District, where it got its start back in 1818.
The fashion company will open a flagship store at L&L Holding Company’s 195 Broadway after signing a 10-year lease for 9,871 square feet across the ground floor and cellar of the recently renovated building, Brooks Brothers announced Thursday.
Brooks Brothers has been making a recovery since September 2020, when it filed for bankruptcy and announced the closure of 51 stores nationwide. It’s last Lower Manhattan location was at Liberty Plaza, but it closed in 2018. The retailer currently has a location at 1270 Avenue of the Americas and another one at 1180 Madison Avenue.
Alan Schmerzler of Cushman & Wakefield (CWK), who represented L&L in the deal, said the asking rent was $350 per square foot for the ground floor and $100 per square foot for the lower level.
“Since 2021, Brooks Brothers has experienced significant year-over-year growth,” Ken Ohashi, CEO of Brooks Brothers, said in a statement. “Opening this new NYC store as well as several others in the near future is part of the exciting evolution and success of the brand.”
Brooks Brothers traces its birthdate to April 7, 1818, when Henry Brooks opened a clothing store at the corner of Catherine and Cherry streets in what’s now the Two Bridges neighborhood of Lower Manhattan. Brooks’ sons later took over the business, changing the name to Brooks Brothers in 1851, according to the company’s website.
Eric Gelber and Jordan Kaplan of CBRE (CBRE) negotiated on behalf of Brooks Brothers.
Other recent deals in the 1.1 million-square-foot, 29-story building include Orchestra, a conglomerate of public relations firms, inking a 42,000-square-foot lease in September; information technology firm Nagarro with a 41,387-square-foot sublease signed in June; and fintech firm Payoneer signing a deal for 42,000 square feet in November 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
