The transaction encompasses the property's sub-basement, sellinglower level, ground floor and second floors, each containing 10,000square feet. The building's remaining three floors are occupied bymedia and fashion companies and are not affected by thistransaction, the release states.

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Retailer Yellow Rat Bastard currently occupies the ground floor,selling lower level and sub-basement, while the second floor iscurrently vacant. Aurora Capital's immediate plan is to lease thesecond floor office space, and eventually combine the 40,000 squarefeet to create a flagship retail space.

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"Aurora Capital views its leasehold at 483 Broadway as astrategic long-term investment in Soho," says Jared Epstein,Aurora's VP of leasing and acquisitions, in a release. "Thisparticular section of Broadway is one of the strongest in New Yorkretail. For example, the conversion rates on this block are amongthe best in the world, and many retailers have sales volumes at orabove $2,000 per square foot."

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The building owner, 483 Broadway Realty Corp., was representedby in-house consultant Bruce Kaye of AKB Realty Group. This dealfollows several leases and acquisitions that Aurora Capital andAlex Adjmi have devised in the past year. Among them were a buyoutof Pottery Barn's space at 600 Broadway, which created amulti-level space for Abercrombie & Fitch's Hollister brand;591-593 Broadway, where the redesign and relocation of lobby spacesand the buyout of two retailers led to a $100-million flagshipstore lease for Victoria's Secret last October; and 568 Broadway,where tenant buyouts and relocations created a flagship store forForever 21 and a multi-level space for Equinox's Soho gym.

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In a separate Soho deal, Thor Equities says that AllSaints, aUK-based fashion store, will open a flagship store at 512 Broadway.It's the second deal in as many days that brings a Europeanretailer to Manhattan. AllSaints signed a 15-year lease for morethan 22,000 square feet of retail space on three floors and thebasement.

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Thor Equities president Joseph Sitt says in a release that Soho,particularly Broadway between Houston and Broome streets, is "theplace to shop for New Yorkers and visitors alike scouting for thelatest fashion trends. On any given day, pedestrian traffic rivalsthe busiest shopping districts on 5th Avenue or 34th Street, and Ihave no doubt that AllSaints will find tremendous success at thismarquis property."

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The lease includes 38 feet of ground floor storefront space onBroadway between Spring and Broome streets. The AllSaints store isexpected to open in late spring or early summer, according to therelease.Last month, Thor brought AllSaints to the South Beachsection of Miami, signing a 10-year deal for 7,500 square feet inthe pedestrian mall of 910 Lincoln Rd. It was the clothingretailer's first East Coast location.

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On Tuesday, Cushman & Wakefield announced that theMilan-based Triennale Design Museum had signed a 15-year lease at the Paramount Group's 40 W. 53rd St.It marks the museum's first US location and its second outside ofItaly.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.