04.11.12 | Real Estate Weekly

Apple set to expand Soho store following $20M renovation

The SoHo Apple store at 103 Prince Street is set to expand following a $30 million renovation.

The 30,000 s/f building in the SoHo Historic District was originally renovated in 2001 to utilize only about half of the maximum floor space available.

Apple took over the ground floor space at the rear of the property that was previously operated by the U.S. Postal Service, but was emptied in 2009.

In 2011, the building was acquired by Imperium Capital.

Once the renovation is complete, the SoHo Apple store retail space will increase by approximately 5,000 s/f.

“After Apple completes this renovation, we believe it will be the company’s most attractive Manhattan consumer location,”” said Daniel Glaser, co-founder and managing partner of Imperium Capital.

103 Prince Street is a landmark property and Imperium Capital’s second investment in SoHo.

“We are very bullish on SoHo, especially the Prince Street corridor. We look forward to Apple’s continued growth and success in this world-class retail location,” added Samuel Schneider, co-founder and managing partner of Imperium Capital.

Imperium Capital is a New York City-based real estate investment and development firm run by Glaser and Schneider. In the last seven years, the partners have closed deals valued in excess of $750 million.

The SoHo Apple store will reopen in July 2012 and is temporarily located at 72 Greene Street.