Benefit Cosmetics Inks Deal for Third UES Boutique
Lauren Elkies Schram Jan. 13, 2016, noon
Benefit Cosmetics has sealed a deal for another Upper East Side shop, Commercial Observer has learned.
The 1976 beauty company, which is based in San Francisco, is leasing 395 square feet on the ground floor of the residential co-op at 1225 Madison Avenue between East 88th and East 89th Streets, according to Faith Hope Consolo of Douglas Elliman’s retail group who represented the landlord, 47-88 Tenants’ Corp., along with colleague Joseph Aquino.
The space was previously occupied by swimwear shop Malia Mills. Asking rent in Benefit’s 10-year deal was $435 per square foot, Ms. Consolo noted.
“1225 Madison is the epitome of a desirable boutique space for Benefit,” said Ron Brien of Alliance Commercial Property, who represents the brand on the East Coast. “The space is a perfect size, and the neighborhood and visibility are amazing. The new location will feature the same delightful design as our location at 828 Lexington Avenue, and our planned location at 434 [Avenue of the Americas]. Benefit is eager to welcome and share their distinctive brand with women of all ages.”
Benefit, a subsidiary of global luxury brand LVMH, has 100 boutiques worldwide with 30 in the New York metropolitan area, including two Upper East Side locations, one at 1301 Third Avenue between East 74th and East 75th Streets, and 828 Lexington Avenue between East 63rd and East 64th Streets.
“Benefit Cosmetics are sold in 30 countries, yet the brand still has an insider’s cachet,” Ms. Consolo said via a release. “Its products have broad appeal to an ‘in-the-know’ audience that encompasses everyone from Upper East Side doyennes to their privately schooled daughters attending nearby Spence, Chapin and Brearley.”
Mr. Aquino added: “Time and again, we have succeeded in filling in old generational spaces with new and fresh designers with highly stylized fashion clothing for children and adults. This newest lease met the criteria for enhancing this destination shopping district.”