Adidas Moving Soho Shop

By LOIS WEISS

Adidas is moving its Soho Origins shop down the block to 135 Spring St. which was a former Valentino location.

The new store has 4,424 square feet on the ground and 4,294 square feet on the lower level. 

But before the kicks company could spring down Spring Street from its current perch at 115 Spring St, other brands encountered years of deal drama.

In Feb. 2021, under a mere two-year aprés-Covid lease, Valentino took over the Diesel store at 135 Spring.

Its adjacent neighbor to the west, Chanel, had signed its original lease in December of 1999 for the entire corner spot at 139 Spring St. that turns onto the quaint, cobble stoned Wooster St. That building was converted into an residential artist loft condominium and in 2016 the retail space was sold by the sponsor to Invesco for a then record $122 million.  

Chanel renewed the space in 2020 for a reported $3.6 million rent.

More recently, Chanel wanted to expand into the adjacent Valentino location at the end of its short-term deal. Valentino closed at No. 135 in July of 2023 and reopened at 98 Prince St. in February 2024.  

But Chanel and Valentino’s spaces were adjacent but kinda not really because Adidas is moving its Soho Origins shop to 135 Spring St. which was a former Valentino location.

The store has 4,424 square feet on the ground and 4,294 square feet on the lower level. 

But before the kicks company could spring down Spring Street from its current perch at 115 Spring St, other brands encountered years of deal drama.

In Feb. 2021, under a mere two-year, aprés-Covid lease, Valentino took over the Diesel store at 135 Spring.

Its adjacent neighbor to the west, Chanel, had signed its original lease in December of 1999 for the entire corner spot at 139 Spring St. that turns onto the quaint, cobble stoned Wooster St. That building was turned into an artist loft condominium and in 2016 the retail space was sold by the sponsor to Invesco for a then record $122 million.  

Chanel renewed in 2020 for a reported $3.6 million in rent. As Covid subsided, Chanel hoped to expand into the Valentino location at the end of its short-term deal. Valentino closed at No. 135 in July of 2023 and reopened at 98 Prince St. in February 2024 making way for Chanel. That's when things got complicated.

Chanel and Valentino’s spaces are not only owned by different entities but separated by the lobby for the upstairs artist lofts at 139 Spring.

Ultimately, sources say the board became “unreasonable” leaving Chanel to give up on its expansion. Instead, it moved to a temp space at 120 Wooster St. while its corner home is being renovated.  

That left 135 Spring without a tenant so Newmark brokers, Ariel Schuster and Ross Berkowitz  marketed the space. Newmark colleague Jeremy Ezra brought them Adidas which has been located in 115 Spring St. since 2015.

Retail sources say the Adidas deal was done in the range of a blended $3 million to $3.2 million per year.

Making that move even easier, both 115 and 135 Spring are owned by SL Green.