Upscale Italian clothier Canali recently signed a 10-year lease for 2,500 square feet at 25 Broad Street—right near the sorts of Wall Streeters who would crave the retailer’s $3,000 suits and $100 ties. The store’s scheduled to open this summer. The asking rent was just shy of $200 a square foot annually, according to Winick Realty Group's Darrell Rubens.
Canali will have some competition later in the summer. London shirt-maker Thomas Pink will be moving into a 4,000-square-foot space just around the corner at 63 Wall Street in June or July. The store, with an asking rent in the area of $200 a square foot per year, is already under construction.
"Tiffany is also going to be opening a store down there," Rubens told The Real Estate. "A lot of upscale places are now moving down to that area."