Considered one of New York’s most recognizable retail areas has a brand new tenant.
The Soho house that REI occupied for a decade and a half is altering palms. South Korean eyewear model Mild Monster will probably be taking 28,500 sq. toes throughout three ranges in New York’s Puck Constructing at 295 Lafayette Avenue, in accordance with sources near the transaction.
The constructing is owned by Kushner Corporations.
Cornelia Avenue Companions’ brokers Lenny Kohlmayer and Evan Kleinberg represented Mild Monster, whereas RIPCO’s Richard Skulnik and Lindsay Zegans represented the owner. Particulars of the deal, together with lease and lease size, weren’t disclosed. The brokers declined to remark.
Mild Monster is owned by South Korean conglomerate IICOMBINED. The model sells glasses and sun shades, beginning at round $225. The corporate lately collaborated with Prada on an eyewear assortment. It debuted a revamp of its present New York flagship, situated elsewhere in Soho on 70 Wooster Avenue, in September, with a kinetic artwork set up, in accordance with Hypebeast. It’s unclear if the model is shifting its flagship to this new house or will function each areas.
REI operated its New York flagship within the Lafayette Avenue house from 2011 to 2026. The shop completely closed in July with out rationalization. Retailer employees voted to kind a union in 2022, though a contract settlement was by no means reached. REI denied allegations that the shop closed as a result of unionization effort.
The Puck Constructing, the red-bricked nine-story property on the nook of Lafayette and East Houston, can be dwelling to workplace tenants. OpenAI, the agency greatest recognized for ChatGPT, leased 90,000 square feet within the constructing in 2024. Funding corporations Thrive Capital and Quadrature additionally lease workplace house within the constructing.
The constructing was initially constructed in 1895. After building it served as the house of satirical journal Puck.
New York’s retail emptiness charge, a minimum of in main corridors, is at a historic low. Soho’s emptiness charge on Broadway was 9 p.c within the second quarter of 2026, in accordance with Cushman & Wakefield. Common asking lease within the hall, which is 2 blocks west of the Puck Constructing, was $393 per sq. foot.
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