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Retail

RETAIL BRIEFS: Papyrus to open Tribeca store, Michael’s takes AC Moore space

● SCG RETAIL
Papyrus to open Tribeca store

SCG Retail announced the signing of a 1,000 s/f lease for Papyrus at 149 Reade Street between Hudson and Greenwich Street in Tribeca.

The lease was signed in mid-June and Papyrus hopes to open by the end of the summer.

According to Jacqueline Klinger, lead broker for SCG Retail, who represented Papyrus, “Tribeca was a challenge because the rents have risen a lot over the past few years and because most of the buildings are older, the spaces are much larger than Papyrus needed. 149 Reade Street was the perfect size, in great condition, and at a rent that made sense.”

Based in the Bay Area, Papyrus now has over 450 stores and operates several brands including Papyrus, NIQUEA.D, Carlton Cards Retail and American Greetings Retail. This marks Papyrus’s 19th NYC store.

The site was previously a Petticoat Lane. The area also includes a Whole Foods, Sweetgreen, and Christina Lehr.

149 Reade is owned by Ascot Properties NYC, LLC and was represented by Josh Siegelman of Winick Realty. Taryn Brandes of SCG Retail also represented the tenant.

●Welco Realty
Michael’s takes AC Moore space

Michael’s,North America’s largest specialty retailer of arts, crafts, framing, home decor & seasonal products for hobbyists and DIY decorators, has leased 21,500 s/f of space at 400 Mill Creek Drive in Secaucus, NJ.

The coompany, which owns and operates 1,177 Michael’s stores in 49 states and Canada and 118 Aaron Brothers stores, will occupy the former A.C.Moore space.

Jerry Welkis, a principal of Welco Realty, represented the landlord, Hartz Mountain Industries. The tenant was represented by Jamie Sackeim of The Dartmouth Company.

Other tenants in the center include PetSmart, Marshall’s, Bob’s Furniture, Sports Authority, T.J.Maxx and Kohl’s.
Target opening date for Michael’s is Spring 2016.

● Eastern Consolidated
Hell’s Kitchen Eatery relocates to Ninth Avenue

Eastern Consolidated has arranged a 15-year, 1,400 s/f lease for the Eatery, a popular Hell’s Kitchen restaurant that is relocating to 788 Ninth Avenue after spending 15 years at another location on the block.

Eastern’s Real Estate Leasing brokers James Famularo and Jeff Geoghegan, represented the owner, and Ravi Idnani, represented the Eatery, which is seeking to relocate because its current lease is expiring.

“This lease represents the 10th deal that Eastern has arranged on the Ninth Avenue corridor in Hell’s Kitchen,” Famularo said.

“The location was sought after by many restaurant groups because a restaurant with a fully vented kitchen previously occupied the space. The ownership thought the Eatery was a good fit because it’s been a neighborhood treasure for 15 years and the restaurant was committed to operating on the block for another 15 years.”

● Sabre Real Estate Group
Sabre brings three new retailers to Southampton

Sabre Real Estate Group has arranged leases in Southampton for Flywheel, Plesser’s Appliances and Coastal Cabinets, and Country Club Prep.

Flywheel occupies 2,500 s/f on 33 Hill Street, Southampton, NY and opened in June, 2015.

The deal was completed by managing principal Jayson Siano, who represented Flywheel and High Street Specialist Stephanie Zulic who represented the landlord.

“Flywheel is one of the most exciting fitness concepts in the country and this Southampton location is a welcome addition to their two existing east end locations in Sag Harbor and East Hampton” said Siano.
Siano currently represents flywheel on Long Island and is actively seeking prime locations on their behalf.

Plesser’s Appliances and Coastal Cabinets occupies 2,650 s/f in the Suffolk Designer Lighting Shopping Center, 455 County Rd 39a Southampton, NY and opened in June, 2015.

The deal was closed by vice president Stu Fagen and Zulic.

Plesser’s is a reputable appliance company that is considered an institution on Long Island.
Country Club Prep occupies 800 s/f on 64 Jobs Lane Southampton.

Zulic represented both the tenant and the landlord in the lease.

This is the first Country Club Prep to open on Long Island and their third store catering to the preppy, yacht club style clientele.

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