Turkish furniture manufacturer and retailer Lazzoni, has inked a deal for its second New York City location in Soho. Lazzoni leased a 5,700 square foot space at 26 Greene Street from landlord Javeri Capital. The retailer operates locations in Chelsea and Paramus, NJ, as well as 20 locations throughout Turkey, offering high-end European inspired furniture.
Jane McVerry of Atria Properties and Chris Johnson of RKF represented the landlord, while Sarah Shannon of Sinvin represented the tenant in the deal.
The retail unit, which was purchased by Javeri Capital along with the adjacent retail unit at 20 Greene Street in late November 2013 , includes 2,800 square feet on the ground floor, 2,900 square feet on the lower level, and 35 feet of frontage on Greene Street. The asking rent for the space was $175 per square foot on ground.
The adjacent 20 Greene Street, which is currently being marketed for lease, boasts 3,300 square feet on ground level, 2,400 square feet on the lower level, and 20 foot ceilings.
Greene street has been booming as a prime retail destination recently, successfully competing with nearby Broadway and West Broadway. The street now boasts a Stella McCartney store at 131 Greene Street and a Fjallraven store at 38 Greene Street, among others. But there is still a notable divided between the northern and southern parts of Greene Street.
Sinvin broker Sarah Shannon explained that rising rents in northern Soho are driving furniture stores like Lazzoni south. “As leases expire, furniture stores can no longer afford Greene Street towards Houston Street,” she explained. “Such stores cannot pay more than $200 per s/f, and even $175 per s/f is pushing it.”
“Greene Street north of Broome Street is now a destination for high end fashion , but there are still opportunities for furniture stores on the southern end.”