The Real Deal New York

Luxury retailer Loro Piana to open new shop in Meatpacking District

Store will open at 3 Ninth Avenue by Gansevoort Street
By Eddie Small and Rich Bockmann | August 08, 2018 02:18PM

3 Ninth Avenue (Credit: Google Maps)

The luxury goods store Loro Piana is heading to the Meatpacking District,  according to sources familiar with the deal.

Loro Piana has leased 3,000 square feet at 3 Ninth Avenue by Gansevoort Street, right by 46-48 Gansevoort Street, where high-end handbag purveyor Hermès inked a 10,000-square-foot lease last year.  The store will be split between 1,700 square feet on the ground level and 1,300 square feet on the lower level.

One source familiar with the deal said the asking price for the ground floor was $400 a square foot. The length of the lease was unclear.

A recent CBRE report found that average asking rent per square foot in the Meatpacking District on Gansevoort Street was $403 during the second quarter of 2018, a 16.1 percent drop from the second quarter of 2017, when the price was $481 per square foot.

Landlord Jeffrey Jones was represented in the deal by in-house broker Alisa Amsterdam, and Metropole’s Joan Siegel represented Loro Piana.

Siegel declined to comment. Neither Jones, of Little West 12th Street Realty Management LLC, nor Amsterdam could be reached.

Loro Piana, which is owned by luxury goods conglomerate LVMH, also has a store in Manhattan at 748 Madison Avenue, but the Meatpacking District shop will be in addition to this one, not a replacement.

Rockpoint Group and Highgate Hotels recently began looking to sell their leasehold interest at 412 West 15th Street and 413-421 West 14th Street in the Meatpacking District for $350 million, and Premier Equities and Thor Equities sold their retail condo in the neighborhood at 412 West 14th Street to Union Investment in March for $87 million.