The renowned Japanese camera manufacturer Fujifilm is set to establish a significant presence in Manhattan's SoHo district. The company has concluded a lease agreement for 12,700 square feet (approximately 1,180 square metres) at the property 210 Lafayette Street from Comjem Associates. This new settlement could represent a standalone retail space, similar to stores operated by providers such as B&H or Adorama.
Although further details regarding the transaction are not yet fully known, Fujifilm's new space, strategically located between Kenmare Street and Spring Street, will span three floors. This is according to a report by the New York Post. The property had been largely vacant in recent years, despite the presence of popular retailers like Eataly SoHo in the immediate vicinity.
Transaction Parties and Market Context
Andrew Kahn and Matt Weinreb of Cushman & Wakefield represented both parties in this transaction. Cushman & Wakefield, however, declined to comment on the lease agreement. Requests for comment from Fujifilm and Comjem Associates remained unanswered for the time being.
This leasing fits into the ongoing upward trend of the retail market in SoHo. According to a CBRE retail report for the third quarter, average asking rents in this submarket ranged between $896 and $1,409 per square foot, depending on the specific location within the corridor.
SoHo is considered one of North America's most attractive retail markets and registers asking rents significantly above the Manhattan average of $707 per square foot. This average value saw a 5 percent year-on-year increase in the third quarter, as further shown by the CBRE report.
Market Dynamics in SoHo
- —Retail rents in SoHo surpass the Manhattan average.
- —The Manhattan average increased by 5 percent year-on-year in the third quarter.
- —SoHo continues to establish itself as a leading retail location in North America.
