Los Angeles Apparel is planting more permanent roots in New York.
Nearly a year after signing a one-year pop-up lease at 480 Broadway, the Dov Charney-owned brand has now formally leased the 24,687-square-foot Soho space for ten years.
Los Angeles Apparel signed its short-term lease with owner KPG Funds last May and opened the store in August. The space, formerly occupied by Topshop, has two floors — the ground with 7,590 square feet, and a lower level of 10,103 square feet, plus a sub cellar for storage of 6,934 square feet.
The asking rent was $4 million per year for the spot located between Broome and Grand streets.
A RIPCO team led by Richard Skulnik that included Lindsay Zegans, Ben Sabin and Mary Schwagerl represented KPG Funds, along with Greg Kraut, CEO and co-founder of KPG Funds.
“Their renewal is proof of the long term viability and consistent growth of the Soho retail market,” Kraut said.
KPG and LaSalle Global Partner Solutions bought the property from Vornado in 2022 for $17.1 million, according to property records, planning to reposition the small cast-iron building as a boutique luxury office building.
Other tenants in the building, which is 100 percent occupied, include event manager Posh and the AI audio company ElevenLabs, which leased the last remaining floor in January — at an asking rent of $120 per foot.
Skulnik said the Soho market has few prime spots available. “All the quality retail spaces have been leased and brokers are out looking for someone to blink and not stay in place,” Skulnik said. “I’m getting calls about spaces where tenants still have two or three years left.”
Charney launched Los Angeles Apparel in 2016, two years after being fired by the board of his previous brand, American Apparel, for “alleged misconduct and violations of company policy.”
As of 2022, Los Angeles Apparel employs more than 1,500 people.
Despite the store being open for six months, Charney told The Real Deal that the retail space requires some additional work. “The store needs some refinement for a first-class experience for the people of New York and other visitors. It’s a phenomenal location… but very dusty.”
