Luxury retailers seem to have a renewed confidence in the New York City retail market. Brokerage firm Newmark is working with several luxury retailers in the city that are interested in adding more locations, according to Newmark's vice chairman Ariel Schuster.

Schuster has already closed a deal with Valentino. The retailer signed a lease totaling 8,718 square feet at 135 Spring Street in Soho. The new location includes 4,424 square feet on the ground floor and 4,294 square feet on the lower level. The location is part of a luxury shopping hub along Spring Street, which includes other major brands like Chanel and Burberry. Along with Schuster, Newmark senior managing director Ross Berkowitz and associate director Brandon Miller represented Invesco Real Estate, the property owner, in the deal.

Newmark is bullish on a rebound in the luxury retail market. Leasing activity started to resume in the third quarter of last year alongside job recovery in New York City. By the end of the third quarter, the market had regained 158,900 jobs that were lost since the onset of the pandemic.