Inditex Breaks Retail Sale Price Record
The Spanish clothing behemoth Inditex, Zara's parent company, is primed to buy a retail condo at 503 Broadway in Soho for $280M or $20,588 per square foot. That latter figure would set a new price PSF record for the neighborhood, a mecca for the world's top retailers.
A "global standard-setting" Zara store will occupy prime space in the 47,361K SF building when it reopens this year. An Old Navy store previously took the ground-floor retail space of the property. The transaction, should it be finalized on Tuesday as expected, took several years to close. The New York Post first broke news of the sale way back in 2012. It's one of several big moves for Inditex and Zara, which is expanding its 500 5th Ave. store and opening a new location near the World Trade Center campus.