All Powerful Moderator
Uniqlo paid $160 million for its flagship store at 546 Broadway in Soho from Isaac Chetrit’s AB & Sons.
Uniqlo finalizes $160M buy of its flagship at 546 Broadway
Isaac Chetrit’s AB & Sons owned the Soho property for 40 yearsUniqlo’s deal with AB & Sons to buy its New York City flagship has been set in stone.
Records filed Tuesday indicate that the Japanese clothing brand paid $160 million for the five-story, 95,500-square-foot property at 546 Broadway, which the retailer has occupied since 2006. The Real Deal first reported the transaction, with sources estimating that the price would be between $160 million and $200 million.
The Soho property has been in the Chetrit family since 1981. In 2016, the firm, led by Isaac, Eli and Abraham Chetrit, secured a $125 million refinancing from Wells Fargo on the property.
Isaac Chetrit did not respond to requests for comment.
In December, public filings indicated that Uniqlo would close its 64,000-square-foot store at 31 West 34th Street, however, the purchase of the Broadway location shows that the retailer does not plan to leave New York entirely.
Other retailers have similarly bought their flagships. In April, Japanese snack chain Minamoto Kitchoan purchased the Childs Building at 604 Fifth Avenue for just under $45 million, with plans to use the six-story space for its new location. In October, the Wall Street Journal reported that three buildings on Madison Avenue went to Swiss luxury clothing retailer Akris, a tenant at one of the spaces, for $45 million.