Dolce Vita signs lease on SoHo headquarters and store
Fashion footwear brand Dolce Vita has found a new space for its headquarters. According to the American press, the footwear brand under Steve Madden is moving into a three-story building at 53 Mercer Street in SoHo in New York City.
The location houses a 7,000-square-foot office space, as well as 3,000-square-feet of retail space on the ground level that the brand will occupy. According to The Real Deal, Helmsley Spear negotiated the deal, and Thor Retail Advisors represented the landlord, Oren Evenhar. The lease is reported to be for five years with an option for a five-year extension.
The lease comes at a unique time where Manhattan’s real estate has slowed. Slow retail sales have affected the rent of many Manhattan neighborhoods including SoHo.
According to The Real Estate Board of New York’s (REBNY) Manhattan Retail Report for Spring 2016, the asking rent in SoHo on Broadway between Houston and Broome Streets dropped from $977 to $824 per square foot. Ground floor retail rents are also declining, which is believed to be due to the increase in rents over the past few years.
Steve Madden acquired Dolce Vita in 2014 for $60.3 million.
Copyright © 2023 FashionNetwork.com All rights reserved.