Monique Lhuillier’s Manhattan flagship hits market for $26.5M
Designer inked deal for converted townhouse store in 2012
The Upper East Side home of design house Monique Lhuillier is on the market for $26.5 million.
Lhuillier, who’s dressed celebs such as Gwyneth Paltrow, Jennifer Lopez and first lady Michelle Obama, opened her first U.S. boutique on the lower floors of the converted townhouse, at 19 East 71st Street, in 2012, selling wedding gowns, shoes and even chandeliers.
The 10,145-square-foot building has 10 residential apartments upstairs and comes with an additional 16,000 square feet of additional air rights for development. Joe Koicim, David Lloyd and Peter Von Der Ahe of Marcus & Millichap have the exclusive listing.
“We find that buildings between Fifth and Madison avenues appeal to a much wider audience than other property types,” Von Der Ahe told TRD. “On these types of buildings, you get interest from everyone from foreign high net worth individuals to local companies.”
The Rubin family, which has owned the property for more than 60 years, is looking to sell, in a bid to divide assets between family members, Von Der Ahe said.
Retail-driven properties near prime Upper East Side shopping corridors have drawn impressive numbers from investors in recent months.
Acadia Realty Trust, the retail-focused developer behind the City Point project in Downtown Brooklyn, recently paid a combined $47.3 million for two townhouses, at 27 East 61st Street and 17 East 71st Street, near upscale retailers such as Barneys New York, Hermes, Ralph Lauren and Prada.