Ferrari’s legendary Prancing Horse hooves all the way to Soho.
Retail sources say the legendary Italian automaker has signed a lease for Marx Realty at 92 Prince Street, which currently houses a large Nespresso coffee bar.
The two-story building is approximately 3,700 square feet in area.
It wasn’t immediately clear whether the SoHo deal would affect Ferrari’s current showroom at 410 Park Avenue.
Sources say Tiffany had previously “planned” a 92 Prince, but withdrew from negotiations, leaving the door open for Ferrari.
Representatives for Mr. Marx and Midwood Investment and Development, the managing agent for 92 Prince Street, said they were unable to comment. There was no response from Ferrari representatives.
Soho may be a premier upscale and mid-range shopping destination today, but it has certainly come a long way since its art gallery days.
CBRE reported that in the third quarter of 2023, approximately 16 retail transactions totaling more than 108,000 square feet exceeded all other Manhattan neighborhoods.
There were seven land transactions over 43,000 square feet in the fourth quarter.
Asking rents for the first floor on Prince Street averaged more than $1,000 per square foot, according to CBRE.
