ABS Partners Real Estate has completed a 10-year net lease on behalf of Foot Locker at 440 Broadway in Soho.
Foot Locker was previously located at 541 Broadway between Prince and Spring.
The net lease consists of a two-story building plus lower-level totaling 9,000s/f, with 3,000 s/fon each floor. The property is located one store north of the corner of Howard Street and just one block north of Canal Street.
“During the prime hours of moon to 6 p.m. each day, more than 40,000 people walk past 440 Broadway,” said Joseph J. Sitt, CEO of Thor Equities. “SoHo is one of the most prestigious shopping districts in the world, and we are seeing top-tier retailers compete for their dream spaces up and down Lower Broadway — and 440 is among the best of the best. Foot Locker is an ideal match.”
Mark Tergesen, ABS Partners managing director, said his team looked at properties on Broadway for the better part of two years before settling on 440. “It offered an ideal layout with exceptional brand identity capability on a rapidly developing section of Broadway,” he said.
“The rising rents and high demand for retail space on Broadway north of Broome has resulted in increased activity further south on Broadway towards Canal Street.”
Thor Equities has expanded its portfolio in Soho on Broadway to include over 280,000 s/f, including the acquisition of 440 Broadway, and has recently completed leases with Club Monaco and Pandora.
ABS and Tergesen also represent current retail opportunities in the vicinity at 547 Broadway and 250 Canal Street.