MoMA store in Soho mulls move

Shop's lease expires in 2016 after 13 years in the Spring Street location

New York /
Apr.April 24, 2015 02:42 PM

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

 

Related Articles

arrow_forward_ios
Soho penthouse flipped for $49M is top Downtown deal this year
Soho penthouse flipped for $49M is top Downtown deal this year
Soho penthouse flipped for $49M is top Downtown deal this year
Depot Boijmans Van Beuningen in the Netherlands (Photo via MVRDV)
172-year-old Dutch museum putting entire collection on display
172-year-old Dutch museum putting entire collection on display
Keith McNally, Seren Shvo and Michael Shvo (Getty, iStock, SHVO)
Threatened with ban by Balthazar, Shvo claps back
Threatened with ban by Balthazar, Shvo claps back
The Closing: Albert Laboz
The Closing: Albert Laboz
The Closing: Albert Laboz
A new Soho and Noho: City Planning OK’s rezoning to add housing
A new Soho and Noho: City Planning OK’s rezoning to add housing
A new Soho and Noho: City Planning OK’s rezoning to add housing
From left: Marisa Lago, Anita Laremont and Mayor Bill de Blasio (LinkedIn, Getty, Wikimedia)
Politics, City Planning on collision course
Politics, City Planning on collision course
Thor facing pre-foreclosure suit at 470 Broadway, sale of 115 Mercer
Thor facing pre-foreclosure suit at 470 Broadway, sale of 115 Mercer
Thor facing pre-foreclosure suit at 470 Broadway, sale of 115 Mercer
Oaktree Capital buys Soho retail condo for $34M
Oaktree Capital buys Soho retail condo for $34M
Oaktree Capital buys Soho retail condo for $34M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...