APL, the latest hypebeast footwear trend that’s popular with such celebrities as Chrissy Teigen and Oprah, is opening its first New York City store in Soho.
The Los Angeles-based company, also known as Athletic Propulsion Labs, signed a 10-year, 8,000-square-foot lease at 75 Prince Street, sources told The Real Deal.
Asking rent for the space — which is owned by Aurora Capital Partners, Allied Partners, and the Adjmi family — was $400 per square foot.
The storefront is next door to Equinox’s Soho location. One source said APL wanted to be close to the gym’s well-heeled clientele.
A spokesperson for APL could not be immediately reached for comment. A representative for the property owners declined to comment.
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GoodSpace’s Chris DeCrosta and Andrew Turf of CBRE’s Los Angeles office represented APL in the deal.
The space had formerly been part of the Armani store, which closed several years ago. The owners leased the portion of the store fronting on Broadway to Hugo Boss, and had the remaining space along Prince Street.
Soho’s retail market has slowly been improving. Average asking rents on Broadway were $310 per square foot in the second quarter, up 13 percent from a year earlier, according to Cushman & Wakefield.
APL, founded by brothers Adam and Ryan Goldston in 2009, makes high-tech athletic shoes that cost upwards of $300. The company’s first design was a spring-loaded basketball shoe that was so effective at increasing wearers’ vertical leap that it was banned by the National Basketball Association.