Iconic Soho Retail Property Hits the Market

For the first time in over fifty years, a historic retail space in the heart of Soho is up for grabs, courtesy of HKS Real Estate Advisors. The property, situated at 127-129 Prince Street and 133 Wooster Street, presents a rare chance to own a slice of New York City's heritage. Boasting an impressive 134 feet of frontage along both Prince and Wooster Streets, this unique property features a multi-tenanted, ground-level retail co-op on a prime street corner.

Current Tenants and Lease Details

Presently, the spaces are occupied by a Marc Jacobs flagship store at 127-129 Prince and Lip Lab at 133 Wooster, both subsidiaries of LVMH, the world's largest luxury conglomerate. These leases, inked recently, include significant tenant investments in buildouts, with lease terms extending until 2028 and 2030, respectively.

Representation and Statements from HKS Real Estate Advisors

Representing the property are Peter Carillo, Principal and Senior Managing Director; John Harrington, Principal and Founding Partner; and Antonio Lulli, Associate Director at HKS Real Estate Advisors. They emphasize the uniqueness of the asset, citing its premier location in Soho, prestigious tenant lineup, and status as the first sale offering in over five decades. Carillo highlights the challenge of determining a precise price given these factors, while Harrington underscores the property's status as a legacy investment marrying luxury and history.