Acadia Realty Trust announced that The Row, a luxury fashion brand founded by Mary-Kate and Ashley Olsen, will open its flagship store at 17 EAST 71st Street, a townhome within the company’s recently acquired Off Madison Collection.
The Row signed a long-term, 3,733 s/f lease spanning three floors of the building — lower, ground and second floors — and will move to its new location by the end of 2015.
The Off Madison Collection, acquired by Acadia in November 2014, consists of two townhomes located at 17 East 71st Street and 27 East 61st Street on the Upper East Side. The portfolio presents luxury retailers with the opportunity to create intimate shopping destinations steps from Madison Avenue, the world’s premier high-end shopping corridor.
“Securing a tenant like the Row is a reflection of the initial success that the Off Madison Collection has experienced,” said Chris Conlon, executive vice president and COO of Acadia Realty Trust.
“These townhomes offer luxury retailers a unique way of interacting with highly-valued customers and presents potential tenants with a canvas to create something special and establish a brand identity in an intimate setting where shoppers can feel at home at an attractive rent.”
Established in 2006 by television personalities and actresses Mary-Kate and Ashley Olsen, The Row offers ready-to-wear clothing, eyewear and handbags.
Sara Fabian of Cushman & Wakefield represented the tenant, and Stuart Ellmanand Nicholas Judson of Judson Realty represented the landlord.
17 East 71st Street is a six-story, 9,330 s/f townhouse built in 1910. With the addition of the Row, the property is fully occupied.
27 East 61st Street is a six-story, 9,637 s/ftownhouse currently under development. Slated for completion this year, all floors are available for lease – cellar through sixth floor.
Acadia believes the property would make for an ideal destination for retail, office or art-gallery tenants. The raw space presents an opportunity to create a flagship location custom-tailored to its brand; the space can be built-out to suit the needs of growing or established tenants.
Retailers nearby include Graff, Hermes and Berluti.