The transaction encompasses the property's sub-basement, selling lower level, ground floor and second floors, each containing 10,000 square feet. The building's remaining three floors are occupied by media and fashion companies and are not affected by this transaction, the release states.
Retailer Yellow Rat Bastard currently occupies the ground floor, selling lower level and sub-basement, while the second floor is currently vacant. Aurora Capital's immediate plan is to lease the second floor office space, and eventually combine the 40,000 square feet to create a flagship retail space.
"Aurora Capital views its leasehold at 483 Broadway as a strategic long-term investment in Soho," says Jared Epstein, Aurora's VP of leasing and acquisitions, in a release. "This particular section of Broadway is one of the strongest in New York retail. For example, the conversion rates on this block are among the best in the world, and many retailers have sales volumes at or above $2,000 per square foot."
The building owner, 483 Broadway Realty Corp., was represented by in-house consultant Bruce Kaye of AKB Realty Group. This deal follows several leases and acquisitions that Aurora Capital and Alex Adjmi have devised in the past year. Among them were a buyout of Pottery Barn's space at 600 Broadway, which created a multi-level space for Abercrombie & Fitch's Hollister brand; 591-593 Broadway, where the redesign and relocation of lobby spaces and the buyout of two retailers led to a $100-million flagship store lease for Victoria's Secret last October; and 568 Broadway, where tenant buyouts and relocations created a flagship store for Forever 21 and a multi-level space for Equinox's Soho gym.
In a separate Soho deal, Thor Equities says that AllSaints, a UK-based fashion store, will open a flagship store at 512 Broadway. It's the second deal in as many days that brings a European retailer to Manhattan. AllSaints signed a 15-year lease for more than 22,000 square feet of retail space on three floors and the basement.
Thor Equities president Joseph Sitt says in a release that Soho, particularly Broadway between Houston and Broome streets, is "the place to shop for New Yorkers and visitors alike scouting for the latest fashion trends. On any given day, pedestrian traffic rivals the busiest shopping districts on 5th Avenue or 34th Street, and I have no doubt that AllSaints will find tremendous success at this marquis property."
The lease includes 38 feet of ground floor storefront space on Broadway between Spring and Broome streets. The AllSaints store is expected to open in late spring or early summer, according to the release.Last month, Thor brought AllSaints to the South Beach section of Miami, signing a 10-year deal for 7,500 square feet in the pedestrian mall of 910 Lincoln Rd. It was the clothing retailer's first East Coast location.
On Tuesday, Cushman & Wakefield announced that the Milan-based Triennale Design Museum had signed a 15-year lease at the Paramount Group's 40 W. 53rd St. It marks the museum's first US location and its second outside of Italy.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
