H&M could be eyeing deal for 14th Street flagship: sources

Asking rents for the ground floor space were $700 per sf
By Katherine Clarke and Hiten Samtani | June 27, 2013 09:30AM

Updated, 3:44 p.m., Jun 27: H&M, the giant European clothing retailer, may be close to inking its latest deal in New York City at the Feil Organization’s 853 Broadway, on the corner of 14th Street at Union Square, industry insiders say.

A spokesman for Feil, however, declined to confirm the speculation, telling The Real Deal: “No lease or leases have been signed. I will not comment on what tenant or tenants we are talking to.”

A spokesperson for H&M could not be reached immediately for comment.

The retailer will lease three floors of  of the 37,000-square-foot space, which covers six floors, a source familiar with the transaction told The Real Deal. There is 5,898 square feet on the ground floor, which has 70 feet of frontage on 14th Street; the mezzanine level has more than 6,000 square feet. Retailers already on the block include Forever 21 and Whole Foods.

Feil was asking roughly $700 per square foot for the ground floor space, the source said. H&M snagged the hotly-contested space because of its willingness to take multiple floors, the source added.

Earlier this morning, Jeffrey Roseman, an executive vice president and principal of Newmark Grubb Knight Frank retail, tweeted that “word on the street is that H&M has signed a lease on the corner of 14th and Broadway,” adding that it was a “great corner.”

Asking rents for the upper floors were unavailable.

Footwear retailer Shoe Mania occupied the space last, vacating it about a year ago, according to published reports.