Newmark announces a new 8,718 s/f lease for luxury retailer Valentino at 135 Spring Street in Soho.
The new store’s lease spans 4,424 s/f on the ground floor and 4,294 square feet on the lower level.
Newmark’s Vice Chairman Ariel Schuster, Senior Managing Director Ross Berkowitz and Associate Director Brandon Miller represented the landlord, Invesco Real Estate, a global real estate investment manager, on the transaction.
“Valentino’s commitment to Soho is a testament to the neighborhood and NYC in general. We are tracking several other luxury brands who will be adding doors in the market,” said Schuster. “We believe that high-level brands still want to affirm their place in what is considered one of the most important cities in the retail world.”
According to Newmark Research, in the third quarter of 2020, retail leasing activity resumed with tenants reengaging the market with space requirements. Another bright spot is that employment for both the retail and restaurant sectors began to improve during Q3 regaining a total of 158,900 jobs that were lost since the onset of the pandemic.
135 Spring is positioned on the north block between Wooster and Greene Streets and offers consistent pedestrian traffic of both tourists and locals. The space provides prominent flag signage along the world’s most recognized thoroughfares, with 34’ of frontage along Spring Street.
135 Spring is located between Burberry and Chanel and will offer Valentino ceiling heights of over 14 ft. on the Ground Floor and 9 ft. on the lower level.
Valentino opened a 20,000 s/f New York Flagship store at 821 Madison Avenue in August, 2014.