Retail rebounds in SoHo and Nolita - by Joseph Aquino

If you walk through SoHo and Nolita these days, and observe the foot-traffic and the storefronts, you might ask, “What COVID?” The daily traffic has doubled compared to pre-COVID-19 levels and a whole new lineup of tenants has arrived in the past year. This reinforces my long-held theory, “If the property is priced right, you’ll find a great retailer to fill the space!” Let’s take an overview of the market and see why millions come to visit these two Manhattan neighborhoods each year.

Greene St. should be renamed “Luxury Row,” with tenants like Dior, Givenchy, Tiffany, Lanvin, Fendi, LVMH and now a new Cartier about to open. Going south on Greene, you’ll find Watches of Switzerland, which is an authorized Rolex dealer; Moose Knuckles, a maker of “extreme outerwear” at 57 Greene; Alexander McQueen, the fashion house founded by the eponymous designer, at 71 Greene; Theory (men’s and women’s contemporary ready-to-wear) at 47 Greene; and Kanuck, which also offers outerwear for extreme conditions. Salvatore Ferragamo has opened the doors to its newest SoHo location, at 63 Greene. The 2,600 s/f store features a new concept: a focus on accessories and footwear with a tech element. Y-3 is located at 92 Greene St. and is a collaboration label between adidas and Yohji Yamamoto is located at 80 Greene St. Lanvin, one of Paris’s oldest fashion houses is not far away at 150 Mercer St.

Broadway has done just as well, with The North Face relocating from Wooster St. to 584 Broadway and Target now located at 600 Broadway on the southeast corner of Houston St. That’s the first tenant you now see when you enter SoHo from uptown. Muji and a new Aldo make nice additions too.

For audiophiles, JBL has taken a magnificent corner at Houston and Crosby Sts., right across the street from adidas’ SoHo flagship store. Crate & Barrel, an old-time favorite, still has a store on another corner on Broadway and Houston. Prada still holds court on Broadway and Prince. Other additions to Broadway are Pandora, with its remarkable selection of jewelry, and MiniSo, which boasts many imaginative designs priced at less than $10.

Chanel and Burberry still anchor Spring St., Burberry being one of the neighborhood’s senior retail tenants. John Elliott, the casual ready-to-wear chain, entered the market recently and has gone on a rapid expansion. In addition to a recently leased store uptown, on Madison Ave., John Elliott has opened a hard corner at Lafayette and Prince Sts. Shoe designer John Fluevog has just relocated right nearby—from Prince and Mulberry to Prince and Crosby, on the borderline between Nolita and SoHo. Do you need sunglasses? Vuarnet has taken a huge store in Nolita on Spring and Elizabeth Sts. Persol is nearby: on Elizabeth between Prince and Houston. Phil Knight’s Nike made a big statement years ago, taking an entire building on Broadway and Spring St. They still have the velvet rope outside to lure customers.

Clic has opened a fabulous women’s clothing store nearby, at 255 Centre St. by the old police headquarters, which was converted to a luxury condominium residential building years ago. Clic’s founder, Christiane Celle, is a pioneer of “lifestyle” retailing. I handled the lease on one of her first Calypso stores (a chain she has since sold), years back.

When SoHo started to rebound from COVID, celebrity broker Ryan Serhant took charge of a 15,000 s/f retail, office building that used to house Tommy, at 372 West Broadway for his company in his own namesake.

Eataly, a high-end Italian specialty food store, has leased 18,000 s/f at 200 Lafayette St. SoHo and Nolita also offer a wide selection of bars and restaurants. In Soho you have a venerable favorite, Cipriani, located on West Broadway, near Broome St. Felix is located on West Broadway and Grand St., and you’ll find the Mercer Kitchen at the base of the chic Mercer Hotel. Restaurateurs coming into a new neighborhood ordinarily require space that’s built to contain an eatery, so vacant restaurant space is always going to lease at a premium in a tourism-heavy neighborhood like SoHo. In Nolita, on Lafayette St., you’ll find Sant Ambroeus, and a popular restaurant called Jack’s Wife Freda, that has wonderful outdoor seating (with wicker chairs) that provides an atmosphere comparable to that of the Champs Elysées in Paris. Café Cubana at 29 Prince St. is another hot spot.

Retailers will still find many opportunities in SoHo and Nolita to come in and make a statement

Joseph Aquino is president of JAACRES, New York, N.Y.