Lease Beat

Orogold Cosmetics Leases 3,600 Square Feet at 118 East 57th Street

Orogold Cosmetics, an upmarket skincare line with a slew of anti-aging products, has signed for a 3,600-square-foot multilevel retail space at 118 East 57th Street between Park and Lexington Avenues, The Commercial Observer has learned.

Faith Hope Consolo and Joseph Aquino, the chairman and executive vice presidents of Douglas Elliman’s retail group, represented the tenant. Alan S. Cohen, Mark Tergesen and Dean Valentino from ABS Partners Realty exclusively represented the landlord.

The six year lease gives Orogold its first Manhattan location. Asking rents were $150 per square foot.

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118 East 57th Street (Photo Courtesy of Agorafy)

“Orogold picked East 57th Street because of its proximity to Bloomingdale’s and other stores,” Ms. Consolo said. “We looked at a few locations further west. The first few blocks had outrageous rents and very little space. This location has a nice presence, two flag poles, double height ceilings and they can put their name on the building.” The address currently houses H. Herzfeld, an old school men’s haberdashery.

Orogold currently has an international presence in Hong Kong, the Philippines, Spain, England and Israel. There are American branches in Chicago, Dallas, Las Vegas, Boston, Miami and throughout California.

The California-based company started its American expansion about five years ago, Ms. Consolo said. “They were mostly in malls. This is the first of a dozen stores I’m bringing to the tristate area. This is where the brands are made. After that, I can open the door to Canada.”

“The landlord–a longtime New York real estate family–is very pleased to have Orogold in the building,” Mr. Cohen said.  “They believe it will add value to East 57th Street.” Mr. Cohen added that the ABS team worked directly with Ms. Consolo in consummating the deal in less than three weeks, start to finish.

 

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