Luxury women’s fashion brand Aflalo bought a pair of cast-iron buildings in SoHo for its flagship store, Commercial Observer has learned.
Makkos Equities sold the buildings at 65-67 Greene Street for $31.75 million to the brand’s founder, Yael Aflalo, who operates the company’s office and studio showroom from 56 Greene Street just a few doors away, according to seller broker Meridian Capital Group.
Aflalo will operate out of the 21,300 square feet available in the two adjoining buildings, which were acquired by Makkos in 2000 through a bargain sale for $5.5 million, according to property records.
“SoHo has always been a market where authenticity matters,” Meridian’s David Schechtman, who represented the seller alongside Henry Barnathan and Abie Kassin, said in a statement.
“What we are seeing today is a clear shift toward ownership by brand principals who want permanence and control,” Schechtman added. “Aflalo represents exactly that profile. This is not about short-term retail exposure. It is about aligning a brand with irreplaceable real estate in a neighborhood that continues to define fashion globally.”
Michael Yadgard and Kate Vannini of Compass handled negotiations for Aflalo, but declined to comment.
The trend referenced by Schechtman was seen in Jeff Sutton’s late 2023, early 2024 sales of 747 Madison Avenue, 724 Fifth Avenue and 715-717 Fifth Avenue to Prada and Kering. Other brands have also become operators in recent years.
The storefront at 67 Greene Street is currently occupied by outdoor apparel brand Norrøna.
Mark Hallum can be reached at mhallum@commercialobserver.com.