PRADA MAY LEAVE SOHO

A “monstrous” 40,000-square-foot corner retail space at 575 Broadway at Prince Street in SoHo may become available if Italian designer Prada is unwilling to pay a new, higher rent for its part of the space and leases for two other retailers run out.
The Korean retailer Who. A.U. has its 8,500-square-foot space plus storage available for sublease through January, when its lease runs out. Its broker, Alan Napack of Cushman & Wakefield, said it may be available “if someone is looking for a holiday pop-up store.”
Lure Fishbar’s lease on the Mercer Street side of the building may also be added to the other two to make the giant space.
“If they want to stay, we will be happy to have a full conversation with them,” said Haim Chera of Crown Retail Services. Chera is now collaborating with the building owners on re-renting plans.
Chera says Broadway retail rents will soon approach $1,000 a foot and that “$500 is really an old number” since John Varvatos renewed for $800 per foot at 122 Spring St. “It will command a premium in the marketplace,” Chera said.
Of course, with many retailers trying to do more with less, it doesn’t mean it will be easy as pie to rent or that retailers will get forced into paying more for desirable store leases even when they are making money by the truckloads. If the economy gets bleaker, we could see another standoff.

NYPOST

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