RKF, the leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, has arranged a 3,800-square-foot lease at 77 Fifth Avenue for Paper Source, a premier paperie and gift retailer.
RKF Vice Chairman Ariel Schuster, Managing Director Jackie Totolo and Associate Hunter Rief represented the landlord, Bettina Equities Management LLC, in the transaction. Paper Source was represented by Keith Fencl of McDevitt Company.
Located on the east block between East 15th and 16th Streets, the new space offers 2,800 square feet on the ground floor and 1,000 square feet in the basement. The 63,000-square-foot, 19-story residential building also has Dramatics NYC, a hair salon, as a tenant. Neighboring retailers include 7 for all Mankind, Free People, Anthropologie, Pier 1 Imports, Coach, Joe Fresh and Banana Republic.
“Paper Source is thrilled to be expanding within New York City,” said Jennifer Stinnett of Paper Source. “We’ve experienced great success in each of our Manhattan stores, and look forward to opening our Fifth Avenue location where our team will continue to inspire the creative community and local customers through our exclusive designs, unique gift assortment and creative workshops.”
“Bettina Equities Management LLC is excited to have Paper Source, a leading national retailer, at our Union Square property at 77 Fifth Avenue,” added Benny A. Caiola of Bettina Equities Management LLC.
Paper Source offers a curated selection of fine papers, custom invitations, gifts, greeting cards, gift wrap and more. The brand is a national chain that started in Chicago in 1983. Paper Source has 11 locations in New York and this will be their fifth location in Manhattan, with other stores in SoHo, West Village, Upper West Side and Upper East Side. The Flatiron District location is expected to open in Fall 2015.