Description
Located between Prince & Spring Streets in SoHo.
This property has been leased to Redemption S.R.L. Thank you for your interest.
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SoHo Will Be Home To Redemption’s First US Store
A company featuring youthful, ethically sourced, upscale Italian clothing is setting up its first US store in Soho.
Redemption will open in 5,000 square feet at 102 Wooster St. between Spring and Prince streets, likely in early 2019.
The fashion line has leased 3,500 square feet on the ground and another 1,500 square feet on the lower level.
Stuart Ellman and Nick Judson of Judson Realty represented Redemption while Chris Owles and Sarah Shannon of Sinvin represented the building.
As the architecture firm Gensler will design the interiors, Ellman says the shop “will be pretty spectacular.”
“They fit right in with the neighboring tenants,” said Ellman. “Most of the edgy clientele shops in Soho.”
The long-term deal had an asking rent of around $775,000 per year, which works out to $220 per square foot for just the ground floor.
“The store has great frontage,” said Owles of the 37.5 feet of frontage. Tiffany is next door in the building’s other storefront.
Redemption was founded by fashion photographer and wealthy scion Gabriele “Bebe” Moratti, along with Daniele Sirtori and Vanni Laghi.
Moratti, son of the former mayor of Milan and chair of an Italian oil refinery, shot the spring ad campaign with supermodel Stella Maxwell. The company says it uses 50 percent of its net profits to support organizations for social change.
The decorative cast-iron building was previously owned by designer Isaac Mizrahi, who used it for his offices — and it’s seen in the documentary “Unzipped.“
To maintain manufacturing in the area, NYC imposed a 15-year moratorium on the upstairs conversion to what are now pricey residential condos.
The store was most recently occupied by Icebreaker, which was bought by VF Corp. earlier this year just as its lease ended. The Trump Soho sales center was an earlier tenant.
“This is the first tenant that will push the retail to the back of the space and use an area with corner skylights,” added Owles.
Others on the now-swanky block include Chanel, Balmain, Ted Baker and Ray-Ban.
“The fact that we have a 10-year lease shows great confidence in the market,” Owles added.
ONE-HALF OF ONE FULL COMMISSION, in accordance with the rates currently in use and on file with Judson Realty, LLC when received from our principals, will be paid to the cooperating broker who consummates a lease which has been fully executed and delivered. All information furnished with respect to the subject matter hereof has been obtained from sources deemed reliable. No representation or warranty as to the accuracy thereof is made and such information is submitted subject to errors, omissions, prior sale, change of price, rental or other conditions, or withdrawal without notice.
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