Newmark Retail announces it has secured threenew leases on behalf of fashion retailer Express, Inc., totaling more than 18,000 square feet across 514 Broadway, 129 Fifth Avenue for two Express Editstores and 107 Spring Street for the first UpWest store in Manhattan. Newmark’s Vice Chairmen Jeremy Ezra and Ariel Schuster, along with Director Michael Paster, represented the tenant on all three transactions.
“Over the last several months, we’ve seen the continued demand for retail space in Manhattan, which is one of the strongest economic drivers of the city’s recovery,” said Schuster. “By launching Express Edit concepts in two of the most vibrant shopping neighborhoods and introducing UpWest, an entirely new option to feed the appetites of New York shoppers, Express will be reintroduced to the market as a notable retailer in Manhattan.”
UpWest, the digitally-native fashion and lifestyle brand, leased the nearly 1,000 square-foot ground floor space at 107 Spring Street. The boutique storefront is situated at the intersection of Spring and Mercer streets, one of the most highly trafficked and prominent locations in SoHo.
Express Edit, the smaller, more curated merchandising presentation, leased 9,100 square feet for the 514 Broadway storefront, spanning the ground floor, lower level and mezzanine. The second storefront at 129 Fifth Avenue, formerly a Tory Burch flagship, is over 8,700 square feet between the ground and lower-level floors.
According to Newmark Research, the Manhattan retail market in Q3 and select trade areas have continued to thrive in the post-pandemic landscape, particularly in upper and lower neighborhoods. The high performance of the Manhattan retail market, paired with the 1.9 million square feet in lease activity over the last quarter and SoHo availability rates continuing to decline, suggests retail’s path to recovery is promising.