Gentle Monster Leased Space at Puck Building
The luxury eyewear brand will occupy 28,500 square feet formerly held by REI in the iconic SoHo building.
Updated on Oct. 13, 2026 in Commercial
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Gentle Monster has signed a lease for 28,500 square feet at the historic Puck Building located at 295 Lafayette Street. This move follows the July 2026 departure of the building's former anchor tenant, REI.
Why it matters
The retail vacancy left by the closing of the REI flagship is being filled by a combination of high-end commercial tenants like Gentle Monster and an expansion of the existing Torrisi restaurant. These leases reflect the shifting composition of large-format retail spaces in the SoHo neighborhood.
The new 28,500-square-foot lease occupies the bulk of the space vacated by REI, while SoHo retail rents reached an average of $1,409 per square foot in Q3 2026. Gentle Monster currently operates 84 stores worldwide with eyewear prices ranging from $250 to more than $500.
The players
Gentle Monster
A luxury eyewear brand founded in South Korea that operates 84 global retail locations selling frames priced from $250 to over $500.
Kushner
The real estate firm responsible for managing the Puck Building property and coordinating its commercial leasing strategy.
Torrisi
An upscale restaurant currently operating in a 4,000-square-foot space that is planning an expansion into the former REI retail area.
OpenAI
An artificial intelligence research and deployment company that maintains a 90,000-square-foot office lease at the Puck Building.
Quadrature
An investment firm with a $11.7 billion portfolio that maintains a 30,034-square-foot lease within the Puck Building.
The details
Gentle Monster secured the long-term lease, spanning more than 10 years, to anchor the prominent 295 Lafayette Street site. Following the departure of REI in July 2026, the building management has partitioned the space, allowing Torrisi to expand from its current 4,000-square-foot footprint into the remaining area. The building has recently attracted other major commercial interest, including a 90,000-square-foot lease signed by OpenAI in 2024 and a 30,034-square-foot commitment from the investment firm Quadrature.
Timeline
REI began its tenancy in 2011, the same year Gentle Monster was founded.
OpenAI signed its 90,000-square-foot lease at the site in 2024.
The REI SoHo flagship store permanently closed its doors in July 2026.
SoHo retail rents averaged $1,409 per square foot during Q3 2026.
Money Landscape
This transition follows the closure of the REI SoHo flagship store and reflects the current trend of repurposing large retail footprints in Manhattan. The activity highlights the high demand for prime real estate despite SoHo retail rents averaging $1,409 per square foot in the third quarter.
Local shoppers should monitor changes to neighborhood retail availability as large footprints are subdivided for new tenants. Those managing business properties may wish to discuss market rent fluctuations in high-demand areas with a qualified commercial real estate professional.
The takeaway
The Puck Building is successfully repositioning its floor space by blending high-end fashion retail with expanded hospitality and office tenants. Residents and investors should keep an eye on how these high-profile commercial moves impact foot traffic and future rent benchmarks in the SoHo corridor.
Further reading
For more on how major retail and office shifts influence the local market, visit New York City Commercial.
Source note: This article includes information reported by Commercial Observer.
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