Posted Apr 4, 2025, 3:30 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,199
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Battle for prime retail space heats up...
https://commercialobserver.com/2025/...prince-street/
Ralph Lauren in Bidding War With LVMH for SoHo Storefront
By Lois Weiss
April 4 2025
Quote:
A prominent SoHo corner spot at Prince and Greene streets has been at the center of a bidding war by two luxury brands, but it looks like the longtime occupant, Ralph Lauren, will pay up to keep the space, Commercial Observer has learned.
While the ground-floor storefront 109 Prince Street has been occupied by the retailer since 2010, its lease is coming due. French retail giant LVMH has been battling for the space, which LVHM wants for Tiffany & Co., now located at nearby 97 Greene Street.
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Quote:
If inked as a sale, however, it would continue what is now a long trend of retailers buying New York City real estate.
Prominent sales to retailers include Prada buying 720 and 724 Fifth Avenue, and a space in 730 Fifth Avenue, from Jeff Sutton for $835 million; Kering paying Sutton $963 million for 100,000 square feet at the base of 717 Fifth Avenue, which it is expected to renovate for Gucci; and James Dyson‘s Weybourne Group picking up 155 Mercer Street for $60 million as well as 770 Madison Avenue from Sutton and the Reuben Brothers for $135 million, where it is expected they will eventually locate Dyson stores.
Plus, as CO first reported, Chanel is now negotiating to buy 60,000 square feet of retail in the base of Gary Barnett’s upcoming 655 Madison Avenue luxury residential tower for around $450 million. Barnett has already sold 70,000 square feet at 570 Fifth Avenue to Ikea’s parent for about $400 million.
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