C
alvin Klein is set to open a new flagship store in New York City's Soho neighborhood next year. The PVH Corporation-owned brand has leased 7,300 square feet at Michael Shvo's retail property located at 530 Broadway. According to the developer's spokesperson, the exact asking rent and lease duration remain undisclosed.

    The new flagship is part of Calvin Klein's strategy to strengthen its presence in key markets. This move comes after the brand opened a Paris flagship store in June and abruptly closed its previous New York City flagship on Madison Avenue in 2019.

    Manhattan's retail market has experienced a significant recovery following the pandemic, with prime retail space availability reaching an all-time low of 14.7% last quarter. Soho, in particular, has seen a remarkable turnaround, with availability rates plummeting from 34.6% in 2021 to just 11.5% this quarter. The current asking rent in the neighborhood stands at $301 per square foot, a modest 3% increase year-over-year.