Ferrari is double-parking in SoHo.
The luxury automaker’s North American arm has leased 7,000 square feet of the sixth lot as part of a long-term deal at 568 Broadway, between Prince and Houston streets, to move its headquarters from Englewood Cliffs, New Jersey, according to owner Aurora. Capital Associates. The deal comes just after Ferrari rented an advertising area around the corner.
An Aurora spokesperson declined to disclose the requested rent or the length of the lease, but noted that requested rents for prime areas in SoHo range from $75 to $125 per square foot.
Ferrari will keep its offices in New Jersey but will also look for an outpost in Manhattan, particularly one closer to its new retail space, said Jonathan Anapol of Prime Manhattan Realty, who negotiated the deal for Ferrari.
The Italian sports car maker recently acquired 3,700 feet near 92 Prince Street, where it will sell Ferrari-branded clothing and accessories, according to Anapol. It also has a car showroom in Midtown at 410 Park Avenue.
“They appreciate the SoHo market and the way of life it represents: the luxury brands, their product diversity and their customers,” he said.
Jared Epstein and Jake Bank represented Aurora internally.
“We are thrilled that Ferrari North America Corporate is enrolling at 568 Broadway in a beautiful, custom-made workplace suite,” Epstein said in a statement. “The area is very special and reflects the highest quality of the brand. Ferrari Signed Up features an impressive roster of tech, media and fashion tenants in this historic and iconic building.
Japanese fashion retailer Gu recently signed a 25,000-square-foot advertising lease on the building, taking over the area previously occupied by Forever 21. Aurora co-owns the assets with Allied Partners, Midtown Equities and A.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver. com.
Read the Commercial Observer edition online!