Jewelry Store APM Monaco Renews Lease at 155 Spring Street

reprints


Gemstone-encrusted ring, necklace and bracelet retailer APM Monaco inked a deal to stay put at 155 Spring Street for another seven years, Commercial Observer has learned.

The Monaco-based jeweler, which has been at the KPG Funds building for more than five years, extended its 1,200-square-foot lease in a deal that closed Tuesday, according to the landlord. The asking rent was $650 per square foot.

SEE ALSO: Online Advertising Firm GumGum Heads to 1245 Broadway

“We are delighted to extend APM at 155 Spring where the brand has been successfully located for over a decade in the heart of SoHo,” KPG CEO Greg Kraut, who represented the landlord in the deal, said in a statement. “APM understands the need for retail in SoHo and we both share the positive outlook for well-located premium retail. It’s a perfect match.”

KPG purchased the building from Vornado Realty Trust with LaSalle Investment Management for $85 million late last year as Vornado unloaded a set of struggling retail assets in the city, CO reported at the time.

APM occupies part of the ground floor purchased the buildingof the six-story condominium between West Broadway and Wooster Street, also home to The Bar Method, DJULA and entertainment and film production company Anonymous Content.

“We are particularly excited by the resurgence and the vibrancy of SoHo and how quickly returning to a sense of normalcy,” RCS Real Estate Advisors Edward Coury, who represented APM in the deal, told CO. “APM Monaco is a tremendous brand.”

Celia Young can be reached at cyoung@commercialobserver.com.