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
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
Live-work-play like a “certified artist” in these 5 Soho lofts
Live-work-play like a “certified artist” in these 5 Soho lofts
Live-work-play like a “certified artist” in these 5 Soho lofts
1 Crosby Street (LoopNet)
Land Finance buys SoHo building for $24M
Land Finance buys SoHo building for $24M
Vornado's Steve Roth with (clockwise from top left) 155 Spring Street, 828 – 850 Madison Avenue, 478-482 Broadway and 759 – 771 Madison Avenue (VNO, Getty)
Vornado to sell five Manhattan retail properties, takes loss of $7M
Vornado to sell five Manhattan retail properties, takes loss of $7M
470 Broadway and Thor Equities' Joe Sitt (Thor Equities)
Valuation of Thor Equities’ 470 Broadway slashed
Valuation of Thor Equities’ 470 Broadway slashed
arrow_forward_ios

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

Loading...