Aussie fashion brand Cotton On leases 20K sf in Soho
Chain to open first Manhattan store at Invesco’s 512 Broadway
Australian fashion brand Cotton On is opening its first Manhattan store in the base of a six-story Soho loft building that appeared in “The Devil Wears Prada.”
The 20,000-square-foot space at 512 Broadway has 7,000 square feet on the ground floor, 6,800 square feet on the lower level and another 6,100 square feet in a sublevel.
Newmark’s Ariel Schuster and Ross Berkowitz represented landlord Invesco, which was asking $275 per square foot to rent the retail condo. Ike Bibi, Carolina Aziz and David Green of Kassin Sabbagh Realty represented Cotton On, which has a few city locations in Queens and Staten Island malls, but none in Manhattan.
The black storefront has exposed brick throughout and 47 feet of frontage along Broadway between Broome and Spring streets. It was previously occupied by British fashion brand AllSaints, which has leased a separate store at 415 West 13th Street in the Meatpacking District since 2010.
Invesco bought the retail unit from Joe Sitt’s Thor Equities for $55 million in 2010, just two years after Thor bought it for $37 million from the Laytner family’s Henchie Holdings.
Built in 1882 and also known as 56 Crosby Street, the former department store’s upper floors were converted to residential condos in 2001.
The six-bedroom penthouse sold in 2010 for $9.5 million. A few floors below, a sprawling duplex two-bedroom that appeared in the 2006 film “The Devil Wears Prada” is available for rent at $30,000 a month. Compass’ Leonard Steinberg has the listing.
Cotton On’s first store was opened in 1991 by Nigel Austin, who got his start selling denim jackets out of his car. It has since become one of the world’s largest Australian-based retailers with over 2,000 stores globally including 200 in the U.S.