An affiliate of fashion designer and retailer Chanel has reportedly purchased a nearly 4,000-square-foot retail space at 733-739 Madison Avenue for $123.8 million.
At $31,000 per square foot, the space pulled in one of the highest retail property prices ever recorded, according to the Wall Street Journal.
Green Mountain Coffee Roasters has signed a lease for 6,200 square feet at 120 Fifth Avenue, Commercial Observer has learned, marking the public company’s first New York City location. The specialty coffee and coffee makers’ new sales office and showroom will span the entire third floor of the Bromley Companies’ 70,000-square-foot building at the corner of 17th Street.
“The space was on the market less than 30 days when we struck a deal with Green Mountain for one of the best spaces in the building with 13-foot ceilings, original exposed steel columns and oversize 9-foot windows,” the landlord’s broker, Bromley’s Peter Tong, said in a prepared statement.
Artist management and creative content agency Art Partner has signed a 15-year lease to occupy 10,000 square feet at the City Point in Downtown Brooklyn, becoming the development site’s first office tenant.
The agency, whose services include production, syndication and licensing for print, film, social media and more, plans to relocate from its Hudson Square Read More
City records confirm real estate powerhouse SL Green Realty’s acquisition of a six-story retail, office and residential building at 131-137 Spring Street for $122.3 million late last year.
The acquisition of the prime retail location, adjacent to Chanel‘s Soho Flagship store, capped off what company executives lauded as a stellar fourth quarter given the economic uncertainty that permeated the industry in 2012.
“It was an excellent, excellent quarter as a standalone, and particularly in light of the headwinds,” SL Green CEO Marc Holliday said during the firm’s fourth quarter earnings call, referring specifically to the impacts of Hurricane Sandy, the uncertain election and the fiscal cliff crisis.
It was a Los Angeles-based company inspired by Japanese shopping habits that brought pop-up retail to America. During a trip to Tokyo in 1999, Russ Miller witnessed the lengths to which the city’s famously voracious consumers would go to buy rare and limited-edition products.
Mr. Miller brought that mind-set back to L.A. with Vacant, “a retail concept and exhibition store” that would open shops only to close them as soon as they ran out of goods.
Discount retailer Target once again positioned itself as the funky anti-Walmart when it took over a 220-foot-long boat at Chelsea Piers for a two-week stay on the Hudson River that coincided with Black Friday in November of 2002. Vacant arrived in New York in February 2003, working with Dr. Martens on a pop-up space at 43 Mercer Street.