The Upper East Side may get a little less trendy. Swedish fashion brand H&M has just sold its retail space in the neighborhood for $12.5 million, becoming the newest major retailer to reduce its real estate ownership in the city.
The store, which is located at 150 East 86th Street, occupies the ground floor retail space attached to luxury condo building Lucida. The 20-story property, which contains 110 residential units, was developed by Extell Development and completed in 2009. It was acquired by Vornado Realty Trust a year later.
H&M occupies 30,000 s/f in the property, according to an earlier report from the Commercial Observer. The clothing store is right next to Barnes & Noble’s flagship location.
The deal comes as retailers continue to offload real estate assets. One such transaction involves Macy’s, which sold the top five floors of its Fulton Street location in Brooklyn for $170 million.
According to property records spotted by Real Estate Weekly, the buyer for the property is 310 East 86 LLC. It is unclear whether H&M is leaving the location or staying on as a tenant. The company did not respond to requests for comment.