The Real Deal New York

Stella McCartney in talks to catwalk onto Madison Avenue

High-end designer eyeing Solil-owned, five-story UES townhouse

November 18, 2015 05:00PM
By Mark Maurer

929 Madison Avenue on the Upper East Side and Stella McCartney

929 Madison Avenue on the Upper East Side and Stella McCartney

Stella McCartney is negotiating to open its first Madison Avenue store, just north of the Upper East Side’s “Gold Coast” corridor.

The chic retailer is eyeing a 1,600-square-foot, ground-floor space at 929 Madison Avenue, a five-story, 8,000-square-foot townhouse near East 74th Street, according to sources familiar with the negotiations. Asking rent on the ground floor is about $1,000 per square foot.

A sublease has been out for the space since July, sources said.

Mallett Antiques, a dealer of antique English furniture and art, fully occupies the property and has 12 years remaining on its 25-year triple-net lease. Solil Management, the estate of the late Sol Goldman, owns the property’s fee interest. Solil’s ownership of the building dates back to at least 1973, property records show.

Colliers International’s Robert Freedman, who is not involved with the deal, said the strip of Madison Avenue from East 72nd to 75th street is a “micro-pocket of retail that is really starting to flourish, thanks to the new Apple Store, the forthcoming Metropolitan Museum of Art building and new residential product.” Retail asking rents north of 72nd are increasingly exceeding $1,000 per square foot.

McCartney, the British fashion designer and daughter of Beatle Paul McCartney, has long operated out of one New York City store at a time. From 2002 to 2011, her sole East Coast store was in the Meatpacking District.

Then, in 2011, she signed a 10-year lease for 5,200 square feet at 112 Greene Street in Soho. Rents along that stretch of Greene Street are about $450 per square foot.

Nationally, there are five other Stella McCartney locations – in Los Angeles and Palo Alto in California; Bal Harbour, Fla.; Las Vegas; and Dallas.

Adam Pincus contributed reporting.