New York-based real estate firm Crown Acquisitions has signed a 49-year lease to operate the 19th century International Olive Building at 453 Broome Street.
First reported by the New York Post, the property is comprised of 25,000 square feet on the southwest corner of Mercer Street in Soho. The broker in the deal was Michael Glanzberg of Sinvin Real Estate.
Mr. Glanzberg was not immediately available for comment.
A spokeswoman for Crown Acquisitions said she could not provide the asking price.
Crown has also now leased out the ground-floor retail area, which is approximately 4,500 square feet, to French luxury brand Zadig & Voltaire. This new store location will be the brand’s fifth in New York City. The retailer signed a 15-year lease and is expected to move in next year. The Real Deal reported that Gourmet Garage previously occupied the space.
According to Streeteasy.com, the property was originally known as the Hitchcock Silk Building. Construction on the cast-iron loft building was finished in 1873.
A spokeswoman for Crown Acquisitions said the firm will work on exterior restorations to the building and gut renovations of the retail space on the ground floor. The company also has a stake in the retail condo at the St. Regis Hotel and the Old Navy space in Herald Square.
November 5, 2014
by: Lois Weiss
The International Olive Building has been crowned.
Crown Acquisitions has not only signed a 49-year lease to operate the landmarked 453 Broome St. on the southwest corner of Mercer St., but has also resurrected a 15-year lease on the retail space with Zadig & Voltaire that was in litigation.
By the middle of next year, the edgy French fashion house will be able to move into 4,800 square feet of ground-floor space that is now vacant and previously occupied by the Gourmet Garage.
The longtime owners of the 25,000-square-foot building had signed the fashion retailer, but ended up in litigation as the owners lacked the expertise to renovate and remove numerous violations on the 1900 building.
Crown’s Chera family was happy to step in, settle the litigation with the retailer and provide the ownership with cash flow while spending $5 million to restore the exterior and gut renovate the ground floor retail.
This effort will return to them via the $20 million the retailer is expected to spend over the life of its lease.
According to public documents, Crown also has an option to buy the land if the owner later decides to sell.
Zadig & Voltaire’s men’s and women’s clothes and bags are prized by celebrities from Vanessa Hudgens to Emma Watson. It already has four other stores in the city, at 992 Madison Ave.; at 831 Washington St. in the Meatpacking District; at 409 Bleecker St.; and nearby in Soho at 153 Mercer St.