Sinvin Real Estate’s CHRISTOPHER OWLES and MICHAEL GLANZBERG see the rise of Wooster Street in SoHo.
The pair just helped arrange a tricky deal to have the retailer Tiffany & Co. lease nearly 8,000 s/f on the block.
The deal involved two buildings, 97 Greene Street and 106 Wooster, which abut one another in the rear but face different blocks.
Owles and Glanzberg, who, along with Sinvin colleague, SARAH SHANNON, represent the owners of both properties, structured a deal to knock out the partitions dividing the two spaces to combine them into one block-long store stretching between Greene and Wooster, streets that run parallel to one another.
By combining the spaces, they created a store that was large enough to fit the big-name jewelry retailer.
The spaces used to be occupied by Armani Casa and the Canadian retailer m0851.
The location has about 4,200 s/f on the ground floor and 3,500 s/f on a lower level.
The Tiffany store will open in a year and will coincide with the 175th anniversary of the company.
Owles said that the deal was indicative of a shift on Wooster Street and the continued maturation of SoHo as a retail market.
In the past, Wooster, which is three blocks from Broadway, the SoHo shopping district’s central thoroughfare, might have been a street with retail chic but didn’t have enough pizzazz to lure major brand retailers.
The Tiffany deal caps a major rise in the area’s prominence Owles said.
“Louis Vuitton expanded its store on Greene Street and Chanel just expanded its store on the corner of Wooster and Spring Street,” Owles explained.
“We just started marketing 121 Wooster and we’re getting tons of interest.”