THE PLAN

130 prince street
03
The 3,719-square-foot cellar will provide the tenant with the opportunity for additional selling space, rather than simply storage. “Obviously, we’re asking less rent for the basement than the ground floors,” Mr. Soutendijk noted. “It’s an opportunity for someone to get a little more than 8,000 square feet of total selling space, but not necessarily pay for all 8,000.” If the tenant elects to use the cellar as additional retail space, the staircase could be expanded to facilitate the transition. “We’re leaving it as is, but it could be increased in size to create more of a grand effect downstairs—a grand staircase,” Mr. Soutendijk suggested. “[The tenant] might want a bigger staircase as opposed to what it is now, which is truly just a service stair.”

When Invesco Real Estate acquired the building at 130 Prince Street in Soho last year for $140.5 million, the firm hired Cushman & Wakefield to market the property’s retail space. Currently, two separate retail spaces formerly occupied by Swiss Army and Lacoste boasting a total of more than 8,000 square feet are being marketed across the ground floor and cellar alongside fellow retail tenants Cole Haan and True Religion. Steven Soutendijk, senior director at Cushman & Wakefield and a member of the leasing team, spoke with The Commercial Observer about how ownership is repositioning the building and how potential retail tenants might utilize the space.

05

Cashiers and registers will likely be located on the left wall of the 4,423-square-foot ground floor, but the plan’s open space provides flexibility. “That’s where your cash rack goes,” Mr. Soutendijk said. “But, again, the limited number of columns gives potential tenants maximum flexibility, and they can put their cash rack wherever they want.”

04

01

Not built in the traditional castiron style of much of Soho, the storefront of 130 Prince Street was reconfigured in the 1980s, with large stonework and limited glass. In order to reposition the property for modern usage, ownership recently received approval from the Landmarks Preservation Commission, after a six-month process, to continue the building’s yellow brick façade down through the storefront to sidewalk level and increase its window lines. “In doing that, we are going back to the way the building originally looked,” Mr. Soutendijk said.

02

With high ceilings—14 feet on the ground floor and 12 feet on the basement level—the potential flagship space is relatively column-free. “You’ve got these two columns in front, but the bulk of the space is column-free,” Mr. Soutendijk noted.

04

03 02

05 01
34 | APRIL 23, 2013  | THE COMMERCIAL OBSERVER