Beauvais Carpets Inks 18K SF on Billionaire’s Row
By Sarika Gangar March 5, 2020 2:31 pm
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High-end retailer Beauvais Carpets has signed a deal to relocate to 18,342 square feet of office space at 36 East 57th Street in Midtown, Commercial Observer has learned.
The firm inked a 10-year deal for the entire second floor of the newly built property, located at the base of supertall 432 Park Avenue between Park and Madison Avenues, according to a source familiar with the transaction and as confirmed by CBRE (CBRE). Asking rent was $115 per square foot.
“Securing a showroom space at the base of this historic building is a huge win for Beauvais Carpets,” said Cushman & Wakefield (CWK)’s Matthew Ball, who represented the tenant in the deal. “Sitting on Billionaires’ Row, the tenant is well-positioned to showcase its luxury goods to Manhattan’s wealthiest individuals who frequent retailers in and near this property.”
CBRE’s Paul Amrich, Neil King and Patrice Meagher represented the landlord, a private Middle Eastern investor whom CBRE declined to identify.
“It’s a very quiet, boutique trophy,” said Amrich, a vice chairman at CBRE. “From an ownership standpoint, we like the brand, we like the company and its principal … I think they see this being their long-term home.”
Beauvais Carpets, which specializes in antique and custom rugs, plans to move later this year from the Fuller Building at 595 Madison Avenue. Its new digs offer a column-free open floor plan and floor-to-ceiling glass fronts that offer natural light, an ideal mix for its by-appointment showroom.
The five-story property functions as an office and retail annex to the 432 Park condo tower. CBRE is currently marketing the top two office floors, where the floorplates total about 40,000 square feet.
“It’s an iconic tower that sits in the skyline of New York, and is globally known,” Amrich said. “Because it’s new, I think there’s a lot of attributes to the office portion that make it quite unique.”
