Three Soho storefronts have modified palms.
Declaration Companions Actual Property and Hilltop Actual Property have inked a deal for the grasp lease at three Soho storefronts. The corporations will management 113-121 Prince Avenue for 25 years in trade for slightly over $50 million, based on metropolis data. The lease additionally offers the choice to increase to 2091.
It’s the most recent retail deal in Soho, the place asking rents have picked up. The neighborhood is now the most costly retail hall south of Instances Sq., based on a 2025 report from the Actual Property Board of New York.
“There’s no availability in Soho proper now and there’s nonetheless a ton of tenants who wish to be there,” mentioned Jeffrey Kohn, founding father of Hilltop.
Asking rents on Broadway between Houston and Broome are nonetheless considerably lower than they had been at their peak in 2015. However at a median of $604 per sq. foot, they’ve mainly doubled from their pandemic lows in 2021. Asking rents on that strip rose greater than 26 % between 2024 and 2025, based on REBNY. (The storefronts on Prince Avenue are about two blocks west of Broadway.)
That’s not the identical for each neighborhood. Herald Sq., as an illustration, has not seen the identical stage of retailer curiosity. Median asking rents on West thirty fourth Avenue between Fifth and Seventh Avenues are solely $447 per sq. foot.
Soho has stood out partially for its visuals, Kohn mentioned. Final yr, attire model Ralph Lauren paid $132 million to purchase its retail rental subsequent door to the brand new acquisition, at 109 Prince Avenue.
The storefronts at 113-121 Prince are at present leased to clothiers Ba&sh, Sandro and Farm Rio. The items comprise about 8,250 sq. ft on the bottom ground and seven,000 sq. ft of basement.
“It’s been a incredible and traditionally designated location for over 50 years and we expect it is going to stand the check of time for the subsequent 50 plus,” mentioned Todd Wealthy, cofounder and head of actual property at Declaration Companions.
The lessor was an affiliate of Soho Growth Corp and Rocco Buonpane signed the memorandum of lease for the corporate. Buonpane didn’t reply to a request for remark by press time.
Declaration is anchored by the household funding workplace of David Rubenstein.
