The Real Deal New York

MoMA store in Soho mulls move

Shop's lease expires in 2016 after 13 years in the Spring Street location
April 24, 2015 02:42PM

The Museum of Modern Art Design Store could be moving to another location, due to rising rents.

The store’s 14,500-square-foot space at 81 Spring Street is on the market, according to Crain’s. The three-level retail space has an asking rent of an annual $2.5 million, according to the website, about three times more than what the MoMa shop paid when it moved in 13 years ago.

MoMA‘s lease expires in July 2016. While the store is negotiating to stay in the location, it’s still unclear if it will be able to afford the rising rents, Colliers International senior managing director Marvin Rosenberg told Crain’s.

“(MoMA) was there when the rents were more reasonable,” Rosenberg told the website. “(The landlord) would be happy to have MoMA stay and he would try to accommodate them, but we’re not sure they can afford market value.” [Crain’s] — Claire Moses