Luxury Italian Retailer Inks Flagship Deal in Soho

Luxury Italian fashion house PINKO has signed a 5,000-square-foot lease for a new US flagship location in the Soho area of New York City. Alex Carini of Carini Group Brokers negotiated the lease transaction on behalf of the tenant.

The lease transaction is valued at $360,000, equating to a $30,000 per month rental rate or 15% of sales revenue, whichever is greater. Carini says that this is a significant discount for the location, illustrating the local market conditions. He says the lease “indicat[es] continuing real estate savings opportunities for retailers planning expansions in New York City and in other major U.S. markets.” This could ultimately help to fuel the recovery of the luxury retail segment.