UPDATED, 10:49 a.m., Oct. 24: Tory Burch will be getting a spanking-new Soho flagship store. The designer inked a lease at 151 Mercer Street, and will move into a new 12,500-square-foot, five-story building at the site, subject to the building receiving the approval of the city’s Landmarks Preservation Commission.
The building currently on the site was the longtime home of fancy watering hole MercBar, which closed its doors last month. An LLC known as 151 Mercer Retail, along with MercBar owner John McDonald, paid $8.5 million for the site in December 2012, the New York Post reported.
The building now needs to be demolished for safety reasons, the Post said.
CBRE Group’s Richard Hodos represented Tory Burch in the deal, according to the Post, while the landlord was represented by Josh Strauss and Robert Futterman of RKF.
Tory Burch’s Madison Avenue townhouse has been such a smashing success, Hodos said, that the designer — who recently expanded her offices at Savitt Partners’ 11 West 19th Street in Chelsea — has been looking for the past three years for a Soho location. [NYP, 2nd item] – Hiten Samtani
Correction: A previous version of this story incorrectly identified the site as belonging to Glenwood Management, due to an error in the original source story from the New York Post