Google looks to open first brick-and-mortar store in 8,000 sq. ft. SoHo space

“Retail experts say that deep-pocketed tech giant Google is near to signing a lease at 131 Greene St. for what would be its first brick-and-mortar store in the country,” Daniel Geiger reports for Crain’s New York Business. “Some say its arrival could put Greene Street on shoppers’ maps, just as the arrival of another tech titan did for a nearby Prince Street 13 years ago.”

“‘This could do for cobblestone Greene Street what the Apple store did for Prince,’ said Richard Hodos, a retail leasing broker at CBRE, referring to the Apple store on the corner of Prince and Greene streets that became a retail phenomenon in SoHo,” Geiger reports. “Already, the street’s status with well-heeled shoppers is stoking a run-up in rents and property prices. In just the past two years, average rents have doubled to more than $300 per square foot, several brokers said. In the one block that sits between Prince and Spring streets—the arteries that feed most of the street’s foot traffic—the jump in rents has been even more dramatic.”

“Those gains in turn are pushing up the prices of properties along the street. A case in point is 57-63 Greene St., whose 8,000-square-foot ground and basement retail space David Schechtman, a broker at Eastern Consolidated, sold two years ago to a partnership led by Thor Equities for $17.25 million. Recently, Mr. Schechtman said, he received unsolicited offers for the same space as high as four times that sum, a whopping $70 million,” Geiger reports. “According to sources, Google plans to open an 8,000-square-foot store at 131 Greene St., less than 200 feet below Houston Street.”

Read more in the full article here.

MacDailyNews Take: They all want to be Apple. Alas, they aren’t; not even close.

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  1. “According to sources, Google plans to open an 8,000-square-foot store at 131 Greene St., less than 200 feet below Houston Street.”

    And about 100 feet from the Apple store. Copy, copy copy….

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