3.1 Phillip Lim Store Headed to Booming “Bowery District”
Following speculation yesterday that the designer Phillip Lim had closed on a second New York store, RKF confirmed a 5,800-square-foot lease at 48 Great Jones Street in Noho.
The deal will bring 3.1 Phillip Lim near the white hot center of the Bowery retail real estate stampede RKF has helped foment. Senior Director Andrew Connolly and Yael Amron represented the landlord, 48 Tenant’s Corp. Esteban Gomez of Town Real Estate repped the tenant, whose original Manhattan location is at 115 Mercer Street.
The address had been vacant for six months and had many interested parties before 3.1 Phillip Lim sealed the deal. “It’s no wonder that multiple tenants were vying for this site,” Mr. Connolly said in a prepared statement. “The space is very well laid-out, brings in excellent natural light, and sits on a fantastic block in one of Manhattan’s most popular neighborhoods.”
When it opens in the first quarter of 2014, 48 Great Jones Street will be the company’s flagship, with a 3,500-square-foot ground floor and 2,300-square foot basement. Mr. Lim announced the upcoming store shortly after breaking the news of his upcoming discount collection for Target.