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Parisian jewelry store all set to sparkle in SoHo |
IThe Parisian jewelry designer and retailer known as Satellite has leased its first ever retail store in Manhattan, an entire, sunny three-story Soho building at 412 West Broadway, between Prince and Spring Streets.
Christopher Owles, managing director of Sinvin Realty Corp., and Bruce Sinder, president, represented the landlord in the transaction. Stuart Ellman of Judson Realty, LLC represented the tenant.
The 1,650 square-foot building, with an additional 550 square feet of basement
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space, happens to be owned by a French investor.
"The tenant and our client were both based in Paris, perhaps within a few blocks of each other. Meanwhile, we were here in New York helping them come to terms with each other," says Sinder.
Terms of the 10-year lease are not being disclosed, but the landlord had been asking $145.50 per square foot. Satellite plans to open in the Soho building by the end of the year.
The sunny location formerly held a New World Coffee. Its style-making neighbors include Emporio Armani, Origins, DKNY, Elie Tahari, Dolce & Gabbana and Olive & Bette's. "This lease gives Satellite a rare whole building identity in the heart of Soho," said Owles. "Such a strong presence should help ensure the success of the company's first New York City boutique."
Satellite has plans to do major renovations to the interior of the building. The company plans to open up the first two floors to create a ground floor and second floor mezzanine retail space. An all glass, double-height facade will make the second floor retail space visible from street level. The company's administrative offices will be housed on the third floor of the building.
COPYRIGHT 2005 Hagedorn Publication
COPYRIGHT 2005 Gale Group
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