As Kuafu Properties, Ceruzzi Properties and Stillman Development International prepare to bring a new mixed-use development to 147 East 86th Street, its existing tenants have to hightail it. That includes Fox’s Designer Off-Price, more commonly known as Fox’s, which will open a flagship location in the entire building at 1501 Third Avenue, selling its women’s discount designer apparel.
The new Fox’s is slated to open today in the SMA Equities-owned building between East 84th and East 85th Streets. The company signed its five-story, 7,500-square-foot lease in January, according to Newmark Grubb Knight Frank Retail. NGKF’s Stu Morden and Lucas Kooyman brokered the deal.
The lease is for 10 years, according to CoStar Group, and the asking rent was $102.94 per square foot. Make Meaning party and event planning company used to occupy the building.
“The Upper East Side’s 86th Street corridor and surrounding area draws a consistent and diverse customer base,” Mr. Kooyman said in a prepared statement. “Fox’s likewise is consistent in its high quality and diverse in its style offerings. In 1501 Third Avenue we have found a full-building branding opportunity that will allow Fox’s to establish its New York City flagship and continue to serve the community’s needs.”
Fox’s is a regional chain that had a pop-up store at West 80th Street and Broadway from 2012 to 2014 and then the one on East 86th Street, for 15 months starting in September 2014.
“Immediately attracted to the building’s open layout, we were very pleased with the space Stu and Lucas found for our flagship location,” said Robert Fox, the owner and president of Fox’s, in prepared remarks. “After various pop-up locations in Manhattan, it was important to us that we establish our company on the Upper East Side. This space is perfect for our permanent residence and we are excited to cement our presence in New York City.”
Great Neck, N.Y.-based SMA bought the building in December 2010 for $5.5 million, according to the deed.