French Department Store Printemps Opening First US Store at One Wall Street
One Wall Street’s famous Art Deco mosaic Red Room will soon be occupied by a luxury department store from Paris.
Printemps — a high-end French retailer focused on beauty, fashion, accessories and menswear — has leased a 54,365-square-foot, two-floor space at the base of Harry Macklowe’s office-to-condo conversion in the Financial District, the retailer announced Wednesday. Part of the store will include the historic Red Room, an interior landmark that was restored as part of the building’s switch to residential over the last few years.
The terms of the lease weren’t disclosed, but the store is expected to open in the spring of 2024. Printemps and the landlord did not respond to requests for comment on the brokers in the deal.
This will be the first U.S. store for Printemps and second outside of France after it opened a location in Qatar earlier this year. The department store originally planned to open its first international store in Milan but changed gears during the coronavirus pandemic, according to Women’s Wear Daily.
The retailer’s parent company, the Printemps Group, operates 20 department stores in France.
“The U.S. is essential in our international development strategy, and opening in New York offers high visibility and growth potential,” said Jean-Marc Ballaiche, the CEO of Printemps. “We think we can bring something unique, both to its engaged local consumer base and the strong tourist flows the city welcomes.”
Macklowe has been converting the 51-story One Wall Street into 566 apartments for several years. The building currently has units on the market that range from a five-bedroom, six-and-a-half bath apartment asking $19 million to a studio for just under $1 million.