Sutton, Maguire in talks to sign Frye at 144 Fifth: sources

High-end leather boot retailer would replace Shoegasm on ground floor

New York /
May.May 11, 2016 05:40 PM

UPDATED, 6:45 p.m., May 11: These boots are made for Sutton.

The Frye Company, a high-end leather boot retailer and manufacturer, is in late-stage negotiations to lease a ground-floor retail space at 144 Fifth Avenue, sources told The Real Deal. Jeff Sutton and partner Maguire Capital Group acquired the leasehold on the Flatiron District property less than a month ago.

The five-story mixed-use building near West 19th Street and is home to Shoegasm, Lilac Gallery and a mix of office space and apartments upstairs. Frye is in talks to replace Shoegasm, which occupies 5,000 square feet spread evenly between the lower level and ground floors.

In April, Sutton and Maguire Capital Group, a retail-focused real estate investment firm led by Victor and Marvin Azrak, bought the leasehold for an undisclosed amount. Shoegasm, which signed a 15-year lease more than three years ago, is expected to vacate in the next few months, sources said. Instead of opening an additional store, Shoegasm will consolidate at its three other locations in the city, they said.

If the deal goes through, 144 Fifth would become Frye’s second location in the city. Its first store and current flagship is located at 113 Spring Street in Soho.

Average ground-floor retail asking rents in the area are about $500 per square foot, according to Real Estate Board of New York data. It’s unclear what Frye will pay for the space.

Jack Shaoul, owner of Universe Antiques, has owned the property for more than 30 years, property records show.

Sutton and Maguire Capital also declined to comment. The partners also teamed up to purchase a retail co-op at 85 Fifth Avenue for $86 million last year.


Related Articles

arrow_forward_ios
1552-1560 Broadway and Wharton Properties’ Jeff Sutton (Google Maps)
Investor claims Jeff Sutton cheated him out of millions on Times Square deal
Investor claims Jeff Sutton cheated him out of millions on Times Square deal
Givenchy swaps for Versace at Wharton’s 747 Madison Avenue
Givenchy swaps for Versace at Wharton’s 747 Madison Avenue
Givenchy swaps for Versace at Wharton’s 747 Madison Avenue
1000 Harbor Boulevard and Jeff Sutton (Google Maps)
Jeff Sutton buys Weehawken office for $219M
Jeff Sutton buys Weehawken office for $219M
 Jeff Sutton of Wharton Properties, 25 West 34th Street in NYC (Google Maps)
Jeff Sutton’s Midtown hotel project snags Sonder as first tenant
Jeff Sutton’s Midtown hotel project snags Sonder as first tenant
Buyer scoops up Bronx ice cream site; Jeff Sutton sells in Brooklyn
Buyer scoops up Bronx ice cream site; Jeff Sutton sells in Brooklyn
Buyer scoops up Bronx ice cream site; Jeff Sutton sells in Brooklyn
75 Canal Street West in Mott Haven, 354 Clarkson Avenue in Flatbush, and  69 Downing Street (Google Maps)
Beleaguered taxi kingpin gets $21.7M cash infusion
Beleaguered taxi kingpin gets $21.7M cash infusion
Jeff Sutton and 25 West 34th St. (Wharton Properties, Google Maps)
Jeff Sutton will replace Midtown retail space with hotel
Jeff Sutton will replace Midtown retail space with hotel
Jeff Sutton of Wharton Properties with 103 North Fourth Street. (Google Maps)
Jeff Sutton sells $31M stake in Williamsburg property
Jeff Sutton sells $31M stake in Williamsburg property
arrow_forward_ios

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

Loading...