Stationery store chain Kate’s Paperie is making a return to Soho, opening a pop-up shop in 2,300 square feet at 435 Broome Street, Tarter Stats O’Toole, which negotiated both sides of the deal, announced today. The store is opening Friday for just under one year, but the company may try to negotiate a longer-term arrangement, said Tarter Stats O’Toole broker Greg Kim. While Kim would not specify Kate’s Paperie taking rent, he said the asking rent for the space was $150 per square foot.
Kate’s Paperie moved its headquarters to a 2,800-square-foot temporary outpost at 411 Lafayette near Astor Place from its traditional headquarters at Soho’s 72 Spring Street just last month. That temporary location will close Thursday, according to the company’s website.
Angelica Berrie, the wife of late toymaker Russell Berrie, purchased Kate’s Paperie from founder Leonard Flax in 2008 for an undisclosed sum, saving the company from bankruptcy. She has since been restructuring the company to become more cost effective, a source close to the deal said.
“The company inherited leases that were too large and too expensive,” the source said. “They were in a fortunate position with leverage to get out of those leases in very well-situated locations.”
Berrie is focusing on 2,500-square-foot spaces instead of 5,000, the source said, and is trying to find more targeted locations around Soho. It’s also focusing on its most profitable areas of business, which include greetings cards and custom printing. Berrie has also recently ended costly leases on Third Avenue, West 57th Street West 13th Street, and in Greenwich, Connecticut.
Kate’s Paperie was not immediately available for comment.
The company opened a holiday kiosk at Columbus Circle in January.