Commercial Real Estate & Advisory

Former Coach creative director to open SoHo store

By Daniel Geiger | May 27, 2014

Reed Krakoff will take 2,000 square feet on Greene Street for his namesake label’s second store.

The former creative director of Coach is planting a flag for his burgeoning handbag and apparel brand in SoHo.

Reed Krakoff, who started a fashion label of the same name in 2010 and left Coach last year to focus on it, has leased a space on Greene Street where he plans to open his second Manhattan store. The brand already has a space on Madison Avenue.

Mr. Krakoff will open a 2,000 square foot space at 95 Greene St., at the center of what has become another prime shopping corridor in SoHo. Though Broadway, Prince and Spring streets are considered SoHo’s high streets, Greene Street in recent years has become increasingly popular and trafficked by tourists and shoppers, distinct for its luxury stores. Tenants like Louis Vuitton, Tiffany, Paul Smith and Dior all have space along Greene Street.

Chris Owles, a principal at the retail leasing brokerage Sinvin who helped arrange the deal, said that being in the company of such big brands made sense for a fledgling high-end label like Reed Krakoff.

“It’s a who’s who of luxury fashion,” Mr. Owles said of Greene Street.

“It gives the proper cache for his brand and cements his position in the luxury market. And for a smaller store like this, it’s also tremendously helpful to be on Greene because it can hitch onto the bigger brands there and gain from their marketing muscle and the way they draw shoppers in.”

Asking rents for the space were over $550 per square foot.

Mr. Owles, whose firm specializes in SoHo retail leasing but also does deals around the city and nationally, represented the landlord, a company called SoHo Centrale. Reed Krakoff was represented by the broker Robin Zendell, who operates her own brokerage company.