Ben Soleimani leases 12,000 square feet on Madison Avenue

Luxury furniture and rug retailer signs two year deal

New York /
Dec.December 01, 2021 02:15 PM

601 Madison Ave. and Ben Soleimani (Google Maps, Ben Soleimani)

Luxury furniture and rug retailer Ben Soleimani has signed a lease for the brand’s first Manhattan showroom at 601 Madison Avenue.

The two-year deal includes 4,226 square feet of ground-floor space, 4,270 square feet of second-floor space and 3,858 square feet on the lower level. The space was formerly occupied by Tourneau, a luxury watch retailer. Financial terms were not disclosed.

“When [Soleimani] approached us to help him find space for his first Manhattan outpost,
we hit the ground running,” Brandon Singer, retail brokerage MONA’s CEO, said in a statement. “We are so thrilled to welcome him to New York City in one of the world’s premier retail corridors.”

Landlord J-2 was represented by William Abramson and Matthew Olden of Buchbinder and Warren. Commercial Observer reported in 2019 that the ownership entity is linked to
Lori Buchbinder, a principal at Buchbinder, according to CoStar Group data.

The deal follows luxury menswear retailer Kiton’s announcement that it will open a three-floor Madison Avenue outpost at 692 Madison Avenue. The brand signed a 10-year lease for 3,400 square feet across three floors, Commercial Observer reported Monday. The asking rent was $1.2 million per year.

MONA also represented jeweler RENNA on a 1,200-square-foot showroom lease at 416 West 13th Street in the Meatpacking District.

Retail deals have fallen off during the pandemic. During August, Madison Avenue saw just 71 percent of its 2019 foot traffic. The area had an availability rate of 39 percent, the highest in Manhattan. High-profile casualties included Barneys New York and luxury handbag retailer Anya Hindmarch, whose window displayed a sign saying, “It’s time to move on.”

However, as Covid vaccination has become widespread, retailers have once again begun to sign leases, taking advantage of low rents. Rent in Manhattan’s retail corridors declined for the 16th consecutive quarter, falling to $605 per square foot, according to a report by CBRE. That’s a 1.6 percent decline from the second quarter and a 8.3 percent drop from the prior year.





    Related Articles

    arrow_forward_ios
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    NYC investment sales hit multi-year peak to end 2021
    NYC investment sales hit multi-year peak to end 2021
    Tax assessments rise 9%, signaling higher bills for landlords
    Tax assessments rise 9%, signaling higher bills for landlords
    Tax assessments rise 9%, signaling higher bills for landlords
    Regal at 106 Court Street (Downtown Brooklyn Partnership)
    Regal theater on Downtown Brooklyn’s Court Street unexpectedly shuttered
    Regal theater on Downtown Brooklyn’s Court Street unexpectedly shuttered
    From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
    Startup that wants to build car-free cities raises $30M Series A
    Startup that wants to build car-free cities raises $30M Series A
    From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
    Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
    Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
    Keith Powers, Democratic District 4 representative on the New York City Council, in front of 45 East 45th Street (Getty Images, The Roosevelt Hotel, iStock/Illustration by Steven Dilakian for The Real Deal)
    Local lawmakers aim to landmark shuttered Roosevelt Hotel
    Local lawmakers aim to landmark shuttered Roosevelt Hotel
    Former WeWork CEO Adam Neumann (Getty Images, iStock, Yard 8 Miami, Stacks on Main, Trulia, Power Design Inc., Inkwell Decatur, Wikipedia, Illustration by Kevin Cifuentes for The Real Deal)
    Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
    Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
    A photo illustration of 51-53 East 73rd St, 300 De Witt Ave, 137 Bayard Street and 3044 Coney Island Ave (LoopNet, Rosewood Realty Group/Illustration by Steven Dilakian for The Real Deal)
    Ten mid-market investment sales to start your day
    Ten mid-market investment sales to start your day
    arrow_forward_ios

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

    Loading...