No matter if you are buying or renting, when it comes to the New York City real estate market most people expect to pay a high price. This does not mean that it is impossible to find a deal. This theory was recently proven true by the retailer, Brandy Melville. The apparel brand was able to snag a lease at 499 Broadway, a top location in SoHo, under $400 per square foot.
The 8,000 square foot space is sure to help the brand take its sales to the next level, especially since it was able to secure the location at such a low price. Recently, a similar retail space in the neighborhood hit the market for $1,700 per square feet, which shows just how good of a deal this is.
The key to getting such a good deal was the ability to sublease the space. When this happens, securing a top notch property at a discounted price is much easier. Brandy Melville was able to strike a deal with Swarovski, a company that previously leased the building for a new concept that did not pan out.
It is common to pay somewhere in the $700 to $800 per square foot range in this area, however, reports have Brandy Melville picking up the space at $375 per square foot.
There is retail real estate for rent all over New York City, and most companies are forced to pay a pretty penny to set up shop. Thanks to a creative approach and a little bit of luck, Brandy Melville was able to secure a great location in SoHo well below the average price.
Source: Crain's New York Business, "Rare retail-space bargain seized in SoHo," July 1, 2014