One among New York’s most recognizable retail places has a brand new tenant.
The Soho area that REI occupied for a decade and a half is altering fingers. South Korean eyewear model Mild Monster can be taking 28,500 sq. toes throughout three ranges in New York’s Puck Constructing at 295 Lafayette Road, in line with sources near the transaction.
The constructing is owned by Kushner Corporations.
Cornelia Road Companions’ brokers Lenny Kohlmayer and Evan Kleinberg represented Mild Monster, whereas RIPCO’s Richard Skulnik and Lindsay Zegans represented the owner. Particulars of the deal, together with hire and lease size, weren’t disclosed. The brokers declined to remark.
Mild Monster is owned by South Korean conglomerate IICOMBINED. The model sells glasses and sun shades, beginning at round $225. The corporate just lately collaborated with Prada on an eyewear assortment. It debuted a revamp of its present New York flagship, situated elsewhere in Soho on 70 Wooster Road, in September, with a kinetic artwork set up, in line with Hypebeast. It’s unclear if the model is transferring its flagship to this new area or will function each places.
REI operated its New York flagship within the Lafayette Road area from 2011 to 2026. The shop completely closed in July with out clarification. Retailer employees voted to type a union in 2022, though a contract settlement was by no means reached. REI denied allegations that the shop closed as a result of unionization effort.
The Puck Constructing, the red-bricked nine-story property on the nook of Lafayette and East Houston, can be dwelling to workplace tenants. OpenAI, the agency greatest recognized for ChatGPT, leased 90,000 square feet within the constructing in 2024. Funding companies Thrive Capital and Quadrature additionally lease workplace area within the constructing.
The constructing was initially constructed in 1895. After building it served as the house of satirical journal Puck.
New York’s retail emptiness price, no less than in main corridors, is at a historic low. Soho’s emptiness price on Broadway was 9 % within the second quarter of 2026, in line with Cushman & Wakefield. Common asking hire within the hall, which is 2 blocks west of the Puck Constructing, was $393 per sq. foot.
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