Luxury Fashion Brand Purchases Its Soho Store for $132M

The growing list of retailers opting to purchase their stores has recently added another name to the roster. Luxury fashion house Ralph Lauren has closed on the $132 million purchase of its approximately 9,909-square-foot store at 109 Prince Street, with an alternate address of 119 Greene Street, reportedly after “fending off a challenge from the French conglomerate LVMH, which has been on the hunt for a space to relocate its local Tiffany & Co. hub from 97 Greene Street.” The company initially leased the space in 2010 under a term that is reportedly set to expire in 2026. A news release at the time by Racked indicated that the ground level features 16-foot ceiling heights and a lower level with skylights and an elevator. The 5-story building that last traded in 1991 for $3 million according to city records was reportedly sold by art financier Jean-Pierre Lehmann under the entity Prince Street SPE, LLC. In 1998 it was restructured as a condominium with three live-work artist condominiums on the upper floors while the two retail units include 3,386 square feet on the ground level, 3,258 square feet of lower-level space, and 3,265 square feet on the 2nd floor. Over the last few years, several storefronts have traded to their retail occupants including Uniqlo, which purchased 546 Broadway for $160 million in 2021, a 95,500 square-foot mixed use property of which the casual fashion wear brand occupies about 53,000 square feet; and in January 2025 the Japan-based brand purchased its 17,295-square-foot store at 666 fifth Avenue for $355 million. in February and December 2023 Swiss fashion house Akris purchased a 7,200-square-foot retail unit at 121 Greene Street for $14 million and a 3,867-square-foot unit at 722 Madison Avenue for $38.578 million respectively. Similar trades in 2024 include the $9.75 million purchase of the 3,568-square-foot store at 130 Greene Street by skincare brand Caudalie; the $10.5 million purchase of the 5,200-square-foot space at 132 Bedford Avenue in Williamsburg, Brooklyn by Carhartt Work in Progress; the $963 million purchase by French luxury group Kering at 717 Fifth Avenue, the deal included a 80,834-square-foot retail condominium and a 23,128-square-foot office unit.

Source:    https://therealdeal.com/new-york/2025/04/29/ralph-lauren-buys-soho-store-for-132m/