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ajor retailers are pulling out or moving, creating rare opportunities in an already hot leasing market. “The market is rocking—this is when it’s fun,” said Brandon Singer of Retail by Mona, noting the strong deal flow.
REI announced it will leave its long‑standing Puck Building location on Lafayette and Houston at the end of 2026, and its roughly 40,000‑sq‑ft space is now up for grabs. Tenants are lining up to take over.
Crate & Barrel’s 611 Broadway store remains on the market. “There will be another retailer right behind them,” said Ripco’s Richard Skulnik. The former 40,217‑sq‑ft location is still available through Gene Spiegelman. Meanwhile, Crate & Barrel has relocated to 811 Broadway.
Spiegelman views these large vacancies as market slack, not problems, and believes they will spark new opportunities.
Other notable moves in Soho include Abercrombie & Fitch’s 16,000‑sq‑ft lease at 520 Broadway and Lululemon’s 19,000‑sq‑ft space at 524 Broadway, both signed last quarter. Average asking rents in the area have risen 16.8% this year, ranging from $1,142 per sq‑ft at 92‑94 Greene St. to $114 per sq‑ft at 76 Wooster St, according to JLL.
IKEA’s parent, Ingka Investments, just purchased Nike’s former space at 529 Broadway for $213 million. The store will also house “premium” offices. The company is also investing $72 million in a new tower at 570 Fifth Ave., where it will open a 70,000‑sq‑ft store on the north corner; the south corner will be leased by other retailers when the building opens later this decade.
Uniqlo’s GU concept will soon occupy 510 Fifth Ave., while the North Face is moving across the street to 509 Fifth Ave. Uniqlo also secured 19,250 sq‑ft in Union Square at 860 Broadway.
The building at 5 E. 59th St., just steps from Central Park, is getting a new brass‑and‑glass façade to attract a top retail tenant. Avi Hiaeve of Avi & Co. paid $26.7 million for the property, where he will relocate his office and showroom from the Diamond District to the upper floors. The ground, second, and cellar levels (12,113 sq‑ft) are being marketed by Andrew Mandell of Ripco.
At 767 Fifth Ave., the former swing space for Dior (and Cartier) is up for rent through Steven Soutendijk of Cushman & Wakefield. The 14,415‑sq‑ft unit boasts 40‑foot‑high ceilings.
Pop Mart’s Labubu is close to leasing 7,000 sq‑ft at 680 Fifth Ave., next to Swarovski. Soutendijk declined to discuss the deal, but Pop Mart also signed a 7,000‑sq‑ft lease at 1540 Broadway in Times Square. The company still has 120,000 sq‑ft to fill after Forever 21’s transition to e‑commerce.
Other buildings that were in limbo are now ready for transaction. 1515 Broadway, where a casino bid fell through, and 151 W. 42nd St., scaffolded during One Times Square renovations, are available. The glass office building at 5 Times Square is being converted into rental apartments by RXR, but it still offers 9,324 sq‑ft of retail space through JLL’s Smith and Matt Ogle. Ogle believes the new residences will encourage 24/7 retail activity, with stores operating from 10 p.m. to midnight.
Aldi recently leased 25,000 sq‑ft at 312 W. 43rd St. “It’s about creating configurations tenants want,” said Soutendijk. “Tenants want 2,000 to 4,000 sq‑ft, and tourists want an authentic New York experience.”
Large blocks remain available in Times Square: 145,188 sq‑ft at 229 W. 43rd St. and 163,613 sq‑ft at 1601 Broadway, both listed through CBRE. Cushman & Wakefield offers 11,461 sq‑ft at 700 Eighth Ave., 11,482 sq‑ft at 234 W. 42nd St., and 58,245 sq‑ft at 20 Times Square, where a fictional “Friends” coffee shop will soon lease 3,000 sq‑ft.
On 34th Street, Zara signed 18,000 sq‑ft at 31 W. 34th St. Brokers anticipate Primark opening a 78,000‑sq‑ft store at 150 W. 34th St. after Old Navy moves to 55,000 sq‑ft at 50 W. 34th St. in Herald Towers. Banana Republic’s 40,000‑sq‑ft space at 17 W. 34th St. is also up for lease.
“In the last six weeks there’s been much more activity with paper trading and showings,” said Soutendijk, noting that interest rates remain around 6%. “This is as good as it gets.”
