The Japanese fashion house Kenzo is opening a new store in Soho at the southwest corner of Grand and Mercer streets.
Kenzo has leased 3,000 square feet at 107 Grand St., which is less than half the former 7,000-square-foot Ted Baker space.
The store includes nearly all of the red building’s frontage along Grand and wraps around the corner onto Mercer. The remaining 4,000-square-foot space is available with the address of 32 Mercer.
The owner had previously held out hope for one large retailer, but Ted Baker had moved out in 2016 just as online buying made a dent in stores’ bottom lines and a series of pop-up stores took its place.
City property tax charges also leaped from $265,000 for 2016-2017 to $401,800 for 2019-2020.
“The landlord was very patient and wanted a tenant to rent the balance of the space that would add the appropriate cachet,” said Christopher Owles of Sinvin Real Estate, which represents the building along with Jeff Yuan of Urban Stone Realty.
Joel Isaacs and Josh Lewin of Isaacs and Company represented the LVMH-owned brand.
The retail asking rent was $325 per square foot and there are some available office floors above.
Neighboring stores include the recently opened Scandi-cool Ganni, edgy Alexander Wang and men’s retailer Zadig & Voltaire.
“It’s become an exciting intersection for fashion,” says Owles.