Newmark signs 8,000 s/f retail lease for Schutz

Manhattan, NY Newmark has arranged a new 8,000 s/f flagship retail outpost on behalf of ownership Broadway Continental Group at their 540 Bdwy. property in SoHo. The tenant, footwear retailer Schutz signed a long-term lease for 4,500 s/f on the ground floor and 3,500 s/f on the lower level. Newmark vice chairman Ariel Schuster and director Andrew Connolly represented ownership on the lease.

“This transaction, like many others, is indicative of the continued growth and momentum of SoHo’s retail landscape in the post-pandemic environment–something we are most pleased with,” said Schuster. “As we look to the coming months, we are excited to continue leading the neighborhood renaissance and welcoming Schutz to their new flagship space.”

Founded in 1995 by Alexandre Birman, Schutz has redefined attainable luxury with its trend-forward footwear–delivering the most of-the-moment collections comprised of hero pieces around which entire outfits are built. With the opening of their US flagship space at 540 Broadway, Schutz will mark the establishment of the brand’s second outpost in New York City. When sourcing the location of their new space, Schutz was particularly attracted to SoHo’s Broadway corridor as it’s been one of the most highly sought-after retail locations in the post-pandemic environment.

Located on the East block between Spring and Prince Sts., 540 Broadway is primely situated in the epicenter of Manhattan’s SoHo retail landscape. The property is a block through retail space with entrances on Broadway and Crosby St., with 25 feet of frontage from either side. Offering seven-day-a-week foot traffic, the tenant will join a roster of highly notable neighboring retail brands, including Swarovski, UNIQLO, Nike, Sketchers, Mango, Aritzia, Converse, the Museum of Ice Cream, Sephora, Lacoste, GUESS and Lululemon. In addition to this, 540 Broadway benefits from convenient access to MTA’s R, W, 6, B, D, F and M subway stations.